Question1: The following are the typical classifications used in a balance sheet

Question

Question1:

The following are the typical classifications used in a balance sheet:

a. Current assets

b. Investments and funds

c. Property, plant, and equipment

d. Intangible assets

e. Other assets

f. Current liabilities

g. Long-term liabilities

h. Paid-in-capital

i. Retained earnings

Required:

For each of the following 2013 balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus sign before the chosen letter.

1. ______ Accrued interest payable

2. ______ Franchise

3. ______ Accumulateddepreciation

4. ______ Prepaid insurance, for 2014

5. ______ Bonds payable, due in 10 years

6. ______ Current maturities of long-term debt

7. ______ Note payable, due in three months

8. ______ Long-term receivables

9. ______ Bond sinking fund, will be used to retire bonds in 10 years

10. ______ Supplies

11. ______ Machinery

12. ______ Land, in use

13. ______ Unearned revenue

14. ______ Copyrights

15. ______ Preferred stock

16. ______ Land, held for speculation

17. ______ Cash equivalents

18. ______ Wages payable

Question 2:

The data listed below are taken from a balance sheet of Trident Corporation. Some amounts, indicated by question marks, have been intentionally omitted.

Required:

1. Determine the missing amounts.

2. Prepare Trident%u2019s classified balance sheet.

Question 3:

The following is a December 31, 2013, post-closing trial balance for the Jackson Corporation.

Required:

Prepare a classified balance sheet for Jackson Corporation at December 31, 2013.

Explanation / Answer

can I ask you something ?

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.