Classifications on Balance Sheet The current balance sheet of Day Company contains the following major sections:
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A. Current assets |
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B. Long term investments |
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C. Property, plant, and equipment |
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D. Intangible assets |
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E. Other assets |
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F. Current liabilities |
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G. Long term liabilities |
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H. Other liabilities |
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I. Contributed capital |
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J. Retained earnings |
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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 (Right 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.
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1 |
Patents (net) |
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2 |
Income taxes payable |
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3 |
Notes receivable (due in 5 months) |
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4 |
Unearned rent |
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5 |
Discount on bonds payable (long term bonds) |
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6 |
Data processing center |
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7 |
Furniture |
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8 |
Land held for future expansion |
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9 |
Timberland (net) |
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10 |
Treasury stock, at cost |
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11 |
Advances to sales personnel |
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12 |
Idle machinery |
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13 |
Deferred taxes payable |
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14 |
Raw materials |
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15 |
Investment in held to maturity bonds |
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16 |
Pollution control facilities |
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17 |
Cash from security deposits of customers on returnable containers |
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18 |
Donated capital for industrial park building site from Toma City |
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19 |
Trademarks |
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20 |
Finished goods |
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21 |
Cash dividends payable |
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22 |
Bond sinking fund |
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23 |
Temporary investments |
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24 |
Retained earnings |
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25 |
Advances to affiliated company long term) |
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26 |
Cash surrender value of life insurance |
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27 |
Leased equipment under capital lease |
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28 |
Additional paid in capital on preferred stock |
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29 |
Interest receivable (due in 5 months) |
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30 |
Office supplies |
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31 |
Accrued pension cost |
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32 |
Capital lease obligation |
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33 |
Investment in 8 year certificates of deposit |
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34 |
Unearned ticket sales |
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35 |
Estimated warranty (6 months) obligations |
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36 |
Unrealized decrease in value of available for sale securities |
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37 |
Cash |