A balance sheet contains the following classifications: (a) Current assets (b) Investments (c) Property, plant, and equipment

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A balance sheet contains the following classifications:
(a) Current assets
(b) Investments
(c) Property, plant, and equipment
(d) Intangible assets
(e) Other noncurrent assets
(f) Current liabilities
(g) Long-term debt
(h) Other noncurrent liabilities
(i) Capital stock
(j) Additional paid-in capital
(k) Retained earnings
Indicate by letter how each of the following accounts would be classified. Place a minus sign (–) for all accounts representing offset or contra balances.
1. Discount on Bonds Payable
2. Stock of Subsidiary Corporation
3. 12% Bonds Payable (due in 6 months)
4. U.S. Treasury Notes
5. Income Taxes Payable
6. Sales Taxes Payable
7. Estimated Claims under Warranties for Service and Replacements
8. Par Value of Stock Issued and Outstanding
9. Unearned Rent Revenue (6 months in advance)
10. Long-Term Advances to Officers
11. Interest Receivable
12. Preferred Stock Retirement Fund
13. Trademarks
14. Allowance for Bad Debts
15. Dividends Payable
16. Accumulated Depreciation
17. Trading Securities
18. Prepaid Rent
19. Prepaid Insurance
20. Deferred Income Tax Asset

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...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Intermediate Accounting

ISBN: 9780324013078

14th Edition

Authors: Fred Skousen, James Stice, Earl Kay Stice

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