ACCT2110 Financial Accounting Chapter Two Financial Statements Homework P1. The

Question

ACCT2110 Financial Accounting Chapter Two Financial Statements Homework P1. The following are the major balance sheet classifications. Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Current liabilities (CL) Long-term liabilities (LTL) Common stock (CS) Retained earnings (RE) Instructions Classify each of the following financial statement items taken from Inshore Corporation's balance sheet. Accounts payable Accounts receivable Inventory Land Mortgage payable Supplies Equipment Prepaid rent Buildings -Cash Interest receivable Goodwill Notes payable P2. The following are the major balance sheet classifications Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Current liabilities (CL) Long-term liabilities (LTL) Common stock (CS) Retained earnings (RE) Instructions Classify each of the following financial statement items taken from Inshore Corporation's balance sheet. Prepaid rent Equipment Copyrights Salaries and wages payable Income taxes payable Retained earnings Accounts receivable Land _ Patents Bonds payable Common stock Unearned sales revenue Inventory P3. The following items are taken from the 2017 balance sheet of Yahoo!, Inc. (All dollars are in thousands.) Intangible assets ommon stock $3,031,62 5,684,30 531 48 481,83 1.042,57 483,951 equipment, net nts payable Other assets Long-term investments unts receivable d expenses and other current assets ort-tenm investments etained eamings ash and cash equivalents 94,549 2,688,252 1,417.146 Long-term debt 750 d expenses and other current liabilities 853,11 279,38 Other long-term liabilities Instructions Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2017.

Explanation / Answer

Solution P1:

Accounts payable - Current liabilities

Accounts receivables - Current Assets

Accumulated depreciation - Building - Property, Plant and Equipment

Buildings - Property, Plant and Equipment

Cash - Current Assets

Interest receivables - Current Assets

Goodwill - Intangible Assets

Notes Payable - Long term liabilities

Inventory - Current Assets

Investments - Long term investments

Land - Property, Plant and Equipment

Mortgage Payable - Long term liabilities

Supplies - Current Assets

Equipment - Property, Plant and Equipment

Prepaid Rent - Current Assets

Solution P2:

Prepaid Rent - Current Assets

Equipment - Property, Plant and Equipment

Copyrights - Intangible Assets

Salaries and Wages Payable - Current Liabilities

Income taxes payable - Current liabilities

Retained Earnings - Retained earnings

Accounts receivables - Current Assets

Land - Property, Plant and Equipment

Patents - Intangible Assets

Bonds Payable - Long term liabilities

Common Stock - Common Stock

Accumulated depreciation - Equipment - Property, Plant and Equipment

Unearned Sales revenue - Current liabilities

Inventory - Current Assets

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