Listed below are items that may appear on a balance sheet. Item 1. Accounts payable 2. Machinery

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Listed below are items that may appear on a balance sheet.
Item
1. Accounts payable
2.
Machinery
3. Inventory
4. Common stock
5. Notes payable (due in 5 years)
6. Cash
7. Copyright
8. Net income less dividends
9. Accumulated depreciation
10. Accounts receivable
Classification
a.
Current assets
b. Property, plant, and equipment
c. Intangible assets
d. Current liabilities
e. Long-term liabilities
f. Contributed capital
g. Retained earnings
Required:
Match each item with its appropriate classification on the balance sheet. Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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