Classifications on Balance Sheet The balance sheet contain the following major sections:
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
Required
The following is a list of several accounts. Using the letters A through K, indicate in which section of the balance sheet each of the accounts would be classified. Place a check mark (Right Mark ) beside each item that is a contra account. If an account can not be classified in any of the preceding sections, indicate with an X and explain.
|
1 |
Cash |
|
2 |
Bonds payable (due in 8 years) |
|
3 |
Machinery |
|
4 |
Deficit |
|
5 |
Unexpired insurance |
|
6 |
Franchise (net) |
|
7 |
Fund to retire preferred stock |
|
8 |
Current portion of mortgage payable |
|
9 |
Accumulated depreciation |
|
10 |
Copyrights |
|
11 |
Investment in held to maturity bonds |
|
12 |
Allowance for doubtful accounts |
|
13 |
Notes receivable (due in 3 years) |
|
14 |
Property taxes payable |
|
15 |
Deferred taxes payable |
|
16 |
Premium on preferred stock |
|
17 |
Premium on bonds payable (due in 8 years) |
|
18 |
Work in process |
|
19 |
Common stock, $1 par |
|
20 |
Land |
|
21 |
Treasury stock (at cost) |
|
22 |
Unrealized increase in value of available forsale securities |