ACCT315 1. The following are the common classifications used in a balance sheet:rubyCpaMba
1. The following are the common classifications used in a balance sheet:
A.Current assetsF. Current liabilities
B.InvestmentsG. Long-term liabilities
C.Property, plant and equipmentH. Paid-in-capital
D.Intangible assetsI. Retained earnings
For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account or valuation account, place a minus sign before the chosen letter.
1.___ Note receivable (due in 2 years)
2.___ Accounts receivable
3.___¬ Accumulated depreciation
4.___Land, in use
5.___Note payable (due in 10 months)
7.___ Note receivable (due in 6 months)
9. ___ Investment in XYZ Corp ( long-term)
12.___Accrued salaries payable
13.___Accrued interest payable
2. The following are common disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear.
Use A if the item would appear in summary of significant accounting policies notes
Use B if the item would appear in subsequent events notes
Use C if the item would appear in noteworthy events and transactions
1. Depreciation method _
2. Information on related party transactions
3. Method of accounting for acquisitions
4. Composition and details of long-term debt
5. Inventory method
6. Basis of revenue recognition
7. Major damage to a plant facility occurring after year-end
8. Composition of accrued liabilities
3. The December 31, 2013 post-closing trial balance for Tricam Engineering, an exploration company, is presented below.
Accounts receivable 223,000
Allowance for uncollectible accounts 15,000
Accumulated depreciation - buildings 150,000
Accumulated depreciation - machinery 80,000
Accounts payable 125,000
Bonds payable 500,000
Interest payable 40,000
Common stock 500,000
Retained earnings ______ 94,000
Additional information provided is below:
1.Accounts receivable includes a $50,000 note receivable received from a customer that is due in 2015. Also included is interest on the note of $3,000 that is due in six months.
2.The land account includes land that cost $20,000 that the company has not used and is currently listed for sale.
3. The investment account includes a $10,000, 3-month certificate of deposit due in 40 days. The remaining investments will be sold within the next year.
4. The bonds payable account consists of the following:
a.a $200,000 issue due in six months.
b.a $300,000 issue due in six years.
5. The common stock account represents 500,000 shares of no par value common stock issued and outstanding. The corporation has 1,000,000 shares authorized.
Prepare a classified balance sheet for Tricam Engineering at December 31, 2013 using the post-closing trial balance and the additional information provided.
- 8 years ago
Purchase the answer to view it