accounting hw1 4 495134

(Balance Sheet Classifications) Presented below are a number of balance sheet accounts of Cunningham, Inc. For each of the accounts below, indicate the proper balance sheet classification. (a)?Investment in Preferred Stock (readily marketable)???(b) ?Treasury Stock???(c)?Common Stock ???(d) ?Cash Dividends Payable???(e)?Accumulated Depreciation???(f)?Warehouse in Process of Construction (for use by this company)???(g)?Petty Cash???(h) ?Accrued Interest on Notes Payable???(i) ?Deficit???(j)?Trading Securities???(k)?Income Taxes Payable???(l)?Unearned Subscription Revenue???(m)?Work in Process???(n)?Accrued Vacation Pay??? (Classification of Balance Sheet Accounts) Presented below are the captions of Nikos Company’s balance sheet. (a)?Current assets.?(f) ?Current liabilities. ??(b) ?Investments.?(g) ?Non-current liabilities.??(c) ?Property, plant, and equipment. ?(h) ?Capital stock. ??(d) ?Intangible assets. ?(i) ?Additional paid-in capital.??(e) ?Other assets.?(j) ?Retained earnings.??Indicate by letter where each of the following items would be classified. 1.?Preferred stock.???2.?Goodwill.???3.?Wages payable.???4.?Trade accounts payable.???5.?Buildings. ???6.?Trading securities.???7.?Current portion of long-term debt. ???8.?Premium on bonds payable.???9.?Allowance for doubtful accounts.???10.?Accounts receivable.???11.?Cash surrender value of life insurance. ???12.?Notes payable (due next year). ???13.?Office supplies.???14.?Common stock.???15.?Land.???16.?Bond sinking fund.???17.?Merchandise inventory.???18.?Prepaid insurance.???19.?Bonds payable.???20.?Taxes payable.??? (Preparation of a Corrected Balance Sheet) Presented below and on the next page is the balance sheet of Kishwaukee Corporation as of December 31, 2012. ?KISHWAUKEE CORPORATION???Balance Sheet???December 31, 2012???Assets???Goodwill (Note 2)?$121,700???Buildings (Note 1)?1,640,000???Inventories?312,100???Land?950,000???Accounts receivable?171,700???Treasury stock (50,000 shares, no…