The balance sheet contains the major sections (a-k) listed below. A listing of b
ID: 2502901 • Letter: T
Question
The balance sheet contains the major sections (a-k) listed below. A listing of balance sheet accounts (1-15) follows.
a.
Current assets
g.
Long-term liabilities
b.
Long-term investments
h.
Other liabilities
c.
Property, plant, and equipment
i.
Contributed capital
d.
Intangible assets
j.
Retained earnings
e.
Other assets
k.
Accumulated other comprehensive
f.
Current liabilities
income
1.
Work in process inventory
2.
Trademarks
3.
Sales revenue
4.
Cash surrender value of life insurance policy
5.
Additional paid-in capital on common stock
6.
Purchase discounts
7.
Unrealized decrease in value in available for sale securities
8.
Allowance for uncollectible accounts receivable
9.
Interest payable
10.
Sinking fund for preferred stock retirement
11.
Bonds payable (due in 10 years)
12.
Leased machinery under a capital lease
13.
Unexpired insurance
14.
Deferred income tax payable
a.
Current assets
g.
Long-term liabilities
b.
Long-term investments
h.
Other liabilities
c.
Property, plant, and equipment
i.
Contributed capital
d.
Intangible assets
j.
Retained earnings
e.
Other assets
k.
Accumulated other comprehensive
f.
Current liabilities
income
Explanation / Answer
a.
Current assets
g.
Long-term liabilities
b.
Long-term investments
h.
Other liabilities
c.
Property, plant, and equipment
i.
Contributed capital
d.
Intangible assets
j.
Retained earnings
e.
Other assets
k.
Accumulated other comprehensive
f.
Current liabilities
income
1.
Work in process inventory : a
2.
Trademarks :e
3.
Sales revenue X
4.
Cash surrender value of life insurance policy : b
5.
Additional paid-in capital on common stock: i
6.
Purchase discounts: X
7.
Unrealized decrease in value in available for sale securities:X
8.
Allowance for uncollectible accounts receivable: a-
9.
Interest payable: f
10.
Sinking fund for preferred stock retirement :g
11.
Bonds payable (due in 10 years): g
12.
Leased machinery under a capital lease:c
13.
Unexpired insurance:a
14.
Deferred income tax payable
a.
Current assets
g.
Long-term liabilities
b.
Long-term investments
h.
Other liabilities
c.
Property, plant, and equipment
i.
Contributed capital
d.
Intangible assets
j.
Retained earnings
e.
Other assets
k.
Accumulated other comprehensive
f.
Current liabilities
income
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