E5-2 (Classification of Balance Sheet Accounts) Presented below are the captions of Nikos Companys balance sheet.
(a) Current assets(b) Investments(c) Property, plant, and equipment(d) Intangible assets
(e) Other assets(f) Current liabilities(g) Non-current liabilities(h) bully stock
(i) Additional paid-in capitalInstructions: Indicate by letter where each of the following items would be classified.
Answer:
1. best-loved stockh
2. Goodwilld
3. Salaries and wages duef
4. Accounts payablef
5. Buildingsc
6. Equity investments (trading)a
7. Current portion of long-term debtf
8. Premium on bonds payableg
9. Allowance for doubtful accountsa
10. Accounts receivablea
11. Cash surrender value of life restitutionb
12. Notes payable (due next year)f
13. Suppliesa
14. h bingley oil stockh
15. Landc
16. Bond drop fundb
17. Inventorya
18. Prepaid indemnificationa
19. Bonds payableg
20.
Income tax payablef
E5-4 (Preparation of a Classified Balance Sheet) Assume that Gulistan Inc. has the following accounts at the end of the current year.
Common Stock.Discount on Bonds Payable. treasury Stock (at cost).Notes Payable (short-term).
Raw Materials.Unearned Rent Revenue. contain Earnings.Salaries and Wages Payable.
Copyrights.Buildings.Finished Goods.Cash Restricted for Plant Expansion.
Cash.Accounts Receivable. feat in Process.Accumulated Depreciationâ€"Buildings.
Notes Receivable (short-term).Land Held for future Plant Site.
Bonds Payable (due in 4 years).Receivablesâ€"Officers (due in one year).
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