Match each of the following accounts to its proper balance sheet classification.
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Buildings Intangible Assets
Cash Long-Term Liabilities
Goodwill Property, Plant, and Equipment
Income Tax Payable Common Stock
Investment in Long-Term Bonds Retained Earnings
Land Current Assets
Inventory Current Liabilities
Patent Long-Term Investment
Supplies
Match each of the following accounts to its proper balance sheet classification.
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Buildings Intangible Assets
Cash Long-Term Liabilities
Goodwill Property, Plant, and Equipment
Income Tax Payable Common Stock
Investment in Long-Term Bonds Retained Earnings
Land Current Assets
Inventory Current Liabilities
Patent Long-Term Investment
Supplies
Related questions
In the blank next to each account, write the letter indicatingto which category of the Classified Balance Sheet it wouldbelong.
A. Current Assets E. Current Liabilities
B. Long-Term Investments F. Long-Term Liabilities
C. Property, Plant, and Equipment G. Stockholdersâ Equity
D. Intangible Assets H. Not on the Balance Sheet
Accumulated Depreciation | |
Common Stock | |
Building (used in operations) | |
Salaries Payable | |
Land (not used in operations) | |
Inventory | |
Unearned Revenue | |
Depreciation Expense | |
Dividends | |
Patents | |
Prepaid Rent | |
Mortgage Payable (due 2020) | |
Salaries Expense | |
Short-Term Debt investment | |
Income Tax Payable | |
Goodwill |
Uhura Company has decided to expand its operations. Thebookkeeper recently completed the balance sheet presented below inorder to obtain additional funds for expansion.
UHURA COMPANY | ||
| Current assets | ||
| Cash | $232,650 | |
| Accounts receivable (net) | 342,650 | |
| Inventory (lower-of-average-cost-or-market) | 403,650 | |
| Equity investments (trading)-at cost (fair value$123,310) | 143,310 | |
| Property, plant, and equipment | ||
| Buildings (net) | 573,310 | |
| Equipment (net) | 163,310 | |
| Land held for future use | 178,310 | |
| Intangible assets | ||
| Goodwill | 82,650 | |
| Cash surrender value of life insurance | 92,650 | |
| Prepaid expenses | 14,650 | |
| Current liabilities | ||
| Accounts payable | 138,310 | |
| Notes payable (due next year) | 127,650 | |
| Pension obligation | 85,310 | |
| Rent payable | 51,650 | |
| Premium on bonds payable | 55,650 | |
| Long-term liabilities | ||
| Bonds payable | 503,310 | |
| Stockholdersâ equity | ||
| Common stock, $1.00 par, authorized 400,000 shares,issued 292,650 | 292,650 | |
| Additional paid-in capital | 162,650 | |
| Retained earnings | ? | |
Prepare a revised balance sheet given the available information.Assume that the accumulated depreciation balance for the buildingsis $162,650 and for the equipment, $107,650. The allowance fordoubtful accounts has a balance of $19,650. The pension obligationis considered a long-term liability.
