The current balance sheet of Day Company contains the following major sections: A. Current assets B. Long-term
Question:
A. Current assets
B. Long-term investments
C. Property, plant, and equipment
D. Intangible assets
E. Other assets
F. Current liabilities
G. Long-term liabilities
H. Other liabilities
I. Contributed capital
J. Retained earnings
K. Accumulated other comprehensive income
The following is a list of 37 accounts. Using the letters A through K, indicate in which section each account would most likely be classified. Place a check mark (() beside each item that is a contra account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain.
________1. Patents (net)
________2. Income taxes payable
________3. Notes receivable (due in 5 months)
________4. Unearned rent
________5. Discount on bonds payable (long-term bonds)
________6. Data processing center
________7. Furniture
________8. Land held for future expansion
________9. Timberland (net)
________10. Treasury stock, at cost
________11. Advances to sales personnel
________12. Idle machinery
________13. Deferred taxes payable
________14. Raw materials insurance
________15. Investment in held-to-maturity bonds
________16. Pollution control facilities
________17. Cash from security deposits of customers on returnable containers
________18. Donated capital for industrial park building site from Toma City
________19. Trademarks
________20. Finished goods
________21. Cash dividends payable
________22. Bond sinking fund
________23. Temporary investments
________24. Retained earnings
________25. Advances to affiliated company (long-term)
________26. Cash surrender value of life
________27. Leased equipment under capital lease
________28. Additional paid-in capital on preferred stock
________29. Interest receivable (due in 5 months)
________30. Office supplies
________31. Accrued pension cost
________32. Capital lease obligation
________33. Investment in 8-year certificates of deposit
________34. Unearned ticket sales
________35. Estimated warranty (6-months) obligations
________36. Unrealized decrease in value of available-for-sale securities
________37. Cash
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...
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1 D 2 F 3 A 4 F 5 G 6 C 7 C 8 B 9 C Timberland is considered to be a natural ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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