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. Unearned revenue
3. Allowance for doubtful accounts
4. Inventory
5. Common stock
6. Accumulated depreciation
7. Bonds payable
8. Machine
9. Accounts receivable
10. Short-term investments
11. Buildings
12. Patents
13. Land
14. Long-term investments
15. Salaries and wages payable
16. Cash
17. Accumulated amortization
18. Prepaid rent
19. Retained Earnings
20. Current portion due of notes payable
21. Accounts payable
22. Short-term notes payable
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Step by Step Answer:
1 e 2 e 3 a 4 a 5 g 6 c 7 f 8 c 9 a 10 a 11 c 12 d 13 c 14 b 15 e 16 a 17 d 18 a 19 h 20 e 21 e 22 ...View the full answer
