Management of XYZ Company prepare classified balance sheetsusing these classifications:
Indicate the balance sheetclassification of each of the items that are listed below. Assumethe balance sheet is as of 12/31/14. If the item is not presentedon the balance sheet place an âXâ next to the item If the item is acontra account within the particular classification, placeparentheses around the classification.
A classification may be used more thanonce or not at all.
Balance SheetClassifications:
Current Assets
Property Plant & Equipment
Investments
Intangible Assets & Other
Current Liabilities
Non-current Liabilities
Contributed Capital
Earned Capital
Accumulated Other ComprehensiveIncome
Note: The first item isdemonstrated for you.
a.(Current Asset) Allowancefor doubtful accounts.
b._______________ Customers' accountswith credit balances.
c.________________ Bond sinkingfund.
d._______________ Salaries which thecompany's cash budget shows will be paid to employees in 2015.
e._______________ Accumulateddepreciationâequipment.
f._______________ Appropriation forplant expansion.
g._______________ Amortization ofpatents for 2014.
h._______________ On December 31,2014, management signed a purchase commitment to buy all of its rawmaterials from its primary vendor for the next 2 years.
i.________________ Discount on bondspayable due March 31, 2017.
j.________________ Launching of thecompanyâs online retailing division in February, 2015.
k._______________ Cash dividendsdeclared on 12/15/14 payable to stockholders on 1/15/15.
Management of XYZ Company prepare classified balance sheetsusing these classifications:
Indicate the balance sheetclassification of each of the items that are listed below. Assumethe balance sheet is as of 12/31/14. If the item is not presentedon the balance sheet place an âXâ next to the item If the item is acontra account within the particular classification, placeparentheses around the classification.
A classification may be used more thanonce or not at all.
Balance SheetClassifications:
Current Assets
Property Plant & Equipment
Investments
Intangible Assets & Other
Current Liabilities
Non-current Liabilities
Contributed Capital
Earned Capital
Accumulated Other ComprehensiveIncome
Note: The first item isdemonstrated for you.
a.(Current Asset) Allowancefor doubtful accounts.
b._______________ Customers' accountswith credit balances.
c.________________ Bond sinkingfund.
d._______________ Salaries which thecompany's cash budget shows will be paid to employees in 2015.
e._______________ Accumulateddepreciationâequipment.
f._______________ Appropriation forplant expansion.
g._______________ Amortization ofpatents for 2014.
h._______________ On December 31,2014, management signed a purchase commitment to buy all of its rawmaterials from its primary vendor for the next 2 years.
i.________________ Discount on bondspayable due March 31, 2017.
j.________________ Launching of thecompanyâs online retailing division in February, 2015.
k._______________ Cash dividendsdeclared on 12/15/14 payable to stockholders on 1/15/15.
