Question Details

(Solved) (Latest ver. Aug 2020) - Intermediate Accounting: account classifications

Brief item decscription


Item details:

Question:

1. The following are the common classifications used in a balance sheet:

A. Current assets F. Current liabilities
B. Investments G. Long-term liabilities
C. Property, plant and equipment H. Paid-in-capital
D.Intangible assets I. Retained earnings
E. Other assets
Required:
For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account or valuation account, place a minus sign before the chosen letter.

1. ¬¬¬___ Note receivable (due in 2 years)
2. ___ Accounts receivable
3. ¬¬___¬ Accumulated depreciation

4. ¬¬___Land, in use
5. ___Note payable (due in 10 months)
6. ___Interest payable

7. ¬¬¬___ Note receivable (due in 6 months)
8. ___Cash equivalents
9. ¬¬¬___ Investment in XYZ Corp ( long-term)

10. ___ Inventories
11. ___Goodwill
12. ¬¬¬___Accrued salaries payable

13. ___Accrued interest payable
14. ___Prepaid insurance
15. ___Common stock

16. ___Equipment
17. ___Unearned revenue

18. ___Warranties payable

2. The following are common disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear.
Use A if the item would appear in summary of significant accounting policies notes
Use B if the item would appear in subsequent events notes
Use C if the item would appear in noteworthy events and transactions

1. Depreciation method _
2. Information on related party transactions _____
3. Method of accounting for acquisitions _____
4. Composition and details of long-term debt _____
5. Inventory method _____
6. Basis of revenue recognition _____
7. Major damage to a plant facility occurring after year-end _____
8. Composition of accrued liabilities _____

 







About this question:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 16, 2020

PRICE: $11.5

Solution~00010333.zip (18.37 KB)

Buy this answer for only: $11.5

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.
SiteLock

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now