CA5 2 (Current Asset and Liability Classification) Below are the titles of a number of debit and credit accounts as they might appear on the balance sheet of Hayduke Corporation as of October 31, 2012.
|
Debits |
Credits |
|
Interest Receivable on U.S. Government |
Preferred Stock |
|
Securities |
11% First Mortgage Bonds, due in 2017 |
|
Notes Receivable |
Preferred Cash Dividend, payable Nov. 1, 2012 |
|
Petty Cash Fund |
Allowance for Doubtful Accounts Receivable |
|
Debt Investments (trading) |
Federal Income Taxes Payable |
|
Treasury Stock |
Customers’ Advances (on contracts to be |
|
Unamortized Bond Discount |
completed next year) |
|
Cash in Bank |
Premium on Bonds Redeemable in 2012 |
|
Land |
Officers’ 2012 Bonus Accrued |
|
Inventory of Operating Parts and Supplies |
Accrued Payroll |
|
Inventory of Raw Materials |
Notes Payable |
|
Patents |
Interest Expense |
|
Cash and U.S. Government Bonds Set Aside |
Accumulated Depreciation |
|
for Property Additions |
Accounts Payable |
|
Investment in Subsidiary |
Paid in Capital in Excess of Par |
|
Accounts Receivable: |
Accrued Interest on Notes Payable |
|
U.S. Government Contracts |
8% First Mortgage Bonds, to be redeemed in 2012 |
|
Regular |
out of current assets |
|
Installments—Due Next Year |
|
|
Installments—Due After Next year |
|
|
Goodwill |
|
|
Inventory of Finished Goods |
|
|
Inventory of Work in Process |
|
|
Deficit |
Instructions
Select the current asset and current liability items from among these debits and credits. If there appear to be certain borderline cases that you are unable to classify without further information, mention them and explain your difficulty, or give your reasons for making questionable classifications, if any.