Problem 4 (20 Points) Presented below are the captions of Chan Company\'s balanc

Question

Problem 4 (20 Points) Presented below are the captions of Chan Company's balance sheet. (a) Current assets (b) Investments (c) Property, plant, and equipment.(h) Capital stock (d) Intangible assets (e) Other assets () Current liabilities (8) Non-current liabilities (i) Additional paid-in capital. G) Retained earnings. Instructions Indicate by letter where each of the following items would be classified. 1·Land held for future expansion. 9. Trading securities 2. Prepaid insurance 10. Preferred stock. 3. Taxes payable. 11. Allowance for doubtful accounts. 4. Bonds payable (due in 10 year). 12. Accounts receivable. 5. Notes payable (due next year). 13. Goodwill. 6. Paid in capital in excess of par. 14. Current portion of long-term debt. 7. Wages payable. 15. Buildings. 8. Merchandise inventory. 16. Premium on bonds payable.

Explanation / Answer

1 Land held for future expansion c 2 Prepaid insurance a 3 Taxes Payable f 4 Bonds Payable (due in 10 years) g 5 Notes payable ( due next year) f 6 Paid in capital in excess of par i 7 Wages payable f 8 Merchandise inventory a 9 Trading securities a 10 Preferred stock h 11 Allowance for doubtful accounts a 12 Accounts receivable a 13 Goodwill d 14 Current portion of long term debt f 15 Buildings c 16 Premium on bonds payable g

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