The General Theory of Emel Btank Classifications on Balance Sheet The balance sh

Question

The General Theory of Emel Btank Classifications on Balance Sheet The balance sheet contains the following major sections: A. Current assets B. Long-term investments C Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Long term labilities H. Contrbuted capital L. Retained earnings 1. Accumulated other comprehensive income Required: The following is a list of accounts. Using the letters A through J, indicate in which section of the balance sheet each of the accounts would be classified. If an account does not belong under one of the sections listed, select "Not under any of the choices from the dlassification drop down box. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes from the second drop down box, otherwise select "no" Contra or Account Classification Deducted (Yes/No) 1. Cash 2. Bonds Payable (due in 8 years) 3. Machinery oS 9

Explanation / Answer

contra account are those which are shown by way of subtraction to asset account .In the given problem ,non of the item is classified as contra item .

Classification contra or Deducted (yes or no ) a Asset No b Asset NO c Asset No d Asset No e Asset No f Liability No g Liability No h owners equity No i owners equity No j owners equity No

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