Balance Sheet Classification
A balance sheet contains the following classifications:
(a) Current assets
(b) Investments
(c) Property, plant, and equipment
(d) Intangible assets
(e) Other noncurrent assets
(f) Current liabilities
(g) Long term debt
(h) Other noncurrent liabilities
(i) Capital stock
(j) Additional paid in capital
(k) Retained earnings
Indicate by letter how each of the following accounts would be classified. Place a minus sign ( ) for all accounts representing offset or contra balances.
1. Discount on Bonds Payable
2. Stock of Subsidiary Corporation
3. 12% Bonds Payable (due in 6 months)
4. U.S. Treasury Notes
5. Income Taxes Payable
6. Sales Taxes Payable
7. Estimated Claims under Warranties for Service and Replacements
8. Par Value of Stock Issued and Outstanding
9. Unearned Rent Revenue (6 months in advance)
10. Long Term Advances to Officers
11. Interest Receivable
12. Preferred Stock Retirement Fund
13. Trademarks
14. Allowance for Bad Debts
15. Dividends Payable
16. Accumulated Depreciation
17. Trading Securities
18. Prepaid Rent
19. Prepaid Insurance
20. Deferred Income Tax Asset