The following are the typical classifications used in a balance sheet: a. Current assets b. Investments and funds c. Property,
a. Current assets
b. Investments and funds
c. Property, plant, and equipment
d. Intangible assets
e. Other assets
f. Current liabilities
g. Long-term liabilities
i. Retained earnings
For each of the following 2011 balance sheet 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
3. ________________ Accumulated depreciation
4. ________________ Prepaid insurance, for 2013
5. ________________ Bonds payable, due in 10 years
6. ________________ Current maturities of long-term debt
7.________________ Note payable, due in three months
8. ________________ Long-term receivables
9. ________________ Bond sinking fund, will be used to retire bonds in 10 years
10. ________________ Supplies
11. ________________ Machinery
12. ________________ Land, in use
13. ________________ Unearned revenue
14. ________________ Copyrights
15. ________________ Preferred stock
16. ________________ Land, held for speculation
17. ________________ Cash equivalents
18. ________________ Wages payable
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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Question Posted: June 24, 2013 06:52:39