Presented below are the main section headings of the balance sheet: a. Current assets b. Long-term investments
Question:
Presented below are the main section headings of the balance sheet:
a. Current assets
b. Long-term investments
c. Property, plant, and equipment
e. Current liabilities
f. Long-term liabilities
g. Contributed capital
h. Retained earnings
REQUIRED:
Classify the following accounts under the appropriate headings, and prepare a balance sheet in proper form without account balances.
1. Dividends payable
2. Payments received in advance
3. Allowance for uncollectible accounts
4. Inventories
5. Capital stock
6. Accumulated depreciation-building
7. Bonds payable
8. Machinery and equipment
9. Accounts receivable
10. Short-term investments
11. Buildings
12. Patents
13. Property
14. Investment fund for plant expansion
15. Wages payable
16. Cash
17. Accumulated depreciation-equipment
18. Prepaid rent
19. Trademarks
20. Land held for investment
21. Current portion due of long-term debt
22. Accounts payable
23. Short-term notes payable
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