The classifications on Chesapeake Limited's statement of financial position are as follows:
l. Current assets
2. Long-term investments
3. Property, plant, and equipment
4. Intangible assets
5. Other assets
6. Current liabilities
7. Non-current liabilities
8. Capital shares
9. Contributed surplus
10. Retained earnings
11. Accumulated other comprehensive income
Instructions
Indicate by number where each of the following accounts would be classified:
(a) Preferred Shares
(b) Intangible assets-Franchises
(c) Salaries and Wages Payable
(d) Accounts Payable
(e) Buildings
(f) FV- NI Investments
(g) Current Portion of Long-Term Debt
(h) Premium on Bonds Payable
(i) Allowance for Doubtful Accounts
(j) Accounts Receivable
(k) Bonds Payable (maturing in two years)
(l) Notes Payable (due next year)
(m) Office Supplies
(n) Mortgage Payable
(o) Land
(p) Bond Sinking Fund Investment
(q) Inventory
(r) Prepaid Insurance
(s) Bonds Payable (maturing next year)
(t) Income Tax Payable
(u) Unrealized Gain or Loss-OCI