Problem 1: The following are the typical classifications used in a statementof financial position: a. Current...

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Problem 1: The following are the typical classifications used in a statementof financial position: a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f Current liabilities g Non-current liabilities h. Issued capital i Retained earnings Required: For each of the following statement of financial position items, use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus sign before the chosen letter 1. --Accrued interest payable 2. --Franchise --Accumulated depreciation -Prepaid insurance, for 2024 --Bonds payable, due in 10 years --Current maturities of long-term debt --Note payable, due in three months -Accounts receivable 3. 4. 5. 6. 7. 8. -Restricted cash, will be used to retire bonds in 10 years --Supplies ---Machinery --Land, in use --Deferred reventue, for 2024 9. 10. 11. 12. 13. 14. -Copyrights -Preference share capital ---Land, held for speculation Cash equivalents --Salaries and wages payable 15. 16. 17. Problem 1: The following are the typical classifications used in a statementof financial position: a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f Current liabilities g Non-current liabilities h. Issued capital i Retained earnings Required: For each of the following statement of financial position items, use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus sign before the chosen letter 1. --Accrued interest payable 2. --Franchise --Accumulated depreciation -Prepaid insurance, for 2024 --Bonds payable, due in 10 years --Current maturities of long-term debt --Note payable, due in three months -Accounts receivable 3. 4. 5. 6. 7. 8. -Restricted cash, will be used to retire bonds in 10 years --Supplies ---Machinery --Land, in use --Deferred reventue, for 2024 9. 10. 11. 12. 13. 14. -Copyrights -Preference share capital ---Land, held for speculation Cash equivalents --Salaries and wages payable 15. 16. 17.

Answer rating: 100% (QA)

1 c Equipment It is fixed asset 2 f Accounts Payable It is current liability since it is payable within 1 year or operating cycle 3 a Allowance for un... View the full answer