stion #1 is worth 25 points 3. Account classification. ASSETS LIABILITIESANDCAPI

Question

stion #1 is worth 25 points 3. Account classification. ASSETS LIABILITIESANDCAPITAL a. Current assets b. Investments c. Plant and equipment d. Intangibles e. Other assets f. Current liabilities g. Long-term liabilities h. Preferred stock i. Common stock j. Additional paid-in capital k. Retained earnings 1. Items excluded from balance sheet Using the letters above, classify the following accounts according to the preferred and ordinary balance sheet presentation.te--. -1. Bond sinking fund 2. Accounts Receivable 3. Appropriation for plant expansion 4. Bank overdraft 5, Bonds payable (due 2015) 6. Premium on common stock 7. Land 8. Equity investments (trading) 9. Inventory 10. Discount on bonds payable 11. Patents 12. Unearned revenue

Explanation / Answer

preferred and ordinary balalance sheet presentation

If balance sheet is for year ended 2014 and bonds are due in 2015 then Discount on bonds payable and Dbonds payable will be current liabilities.

bond sinking fund investments accounts receivable Current assets appropriation for plant expension retained earniings bank OD current liabilities Bonds payable Long term liabilities premium on common stock Additional paid in capital Land Plant property equity investment investments Inventory Current assets Discount on bonds payable Long term liabilities Patents Intangibles Unearned revenue current liabilities

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