- Homework Solutions
- Homework Questions & Answers
|S. No.||Item||Classification - Number||Classification - Name||Remarks (if any required)|
|a||Preferred Shares||9||Contributed Surplus||
Contributed surplus is basically where stock is issued at more than
par-value. Since preferred shares are generally issued at more than
par-value, it has been assumed that preferred shares are issued at
more than par-value.
Alternatively, students may assume them to be issued at par value and then they will be classified as 8-Capital shares.
|c||Salaries and Wages Payable||6||Current liabilities|
|d||Accounts Payable||6||Current liabilities|
|e||Leasehold Imporvements||3||Property, Plant & Equipment|
|f||FV-NI Investments||2||Long-term Investments|
|g||Current Portion of Long-term Debt||6||Current liabilities|
|h||Obligations under lease portion(due for next year)||6||Current liabilities|
|i||Allowance for doubtful accounts||1||Current Assets||Even though this is a liability, the same is always presented as a deduction from the accounts receivable balance and hence the classification has been made under Current Assets.|
|j||Accounts receivable||1||Current Assets|
|k||Bonds Payable (maturing in 2 years)||7||Long-term Debt|
|l||Notes Payable (Due next year)||6||Current liabilities|
|m||Supplies||1||Current Assets||Supplies are generally classified under the Inventory head of Current Assets.|
|n||Mortgage payable(principal portion due beyond next year)||7||Long-term Debt|
|o||Land (for use)||3||Property, Plant & Equipment|
|p||Bond sinking fund investment||2||Long-term Investments|
|r||Prepaid Insurance||5||Other Assets|
|s||Bonds Payable (maturing next year)||6||Current liabilities|
|t||Income Tax Payable||6||Current liabilities|
|u||Unrealized gain or loss - OCI||11||Accumulated OCI|
E5.2 (LO 3) (Classification of Statement of Financial Position Accounts) The classifications on Chesapeake Limited's statement...
5.4 (LO 3, 4, Preparation Corrected statement UI Financial Position) Bruno Corp. has decided to expand its 589 operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Bruno Corp. Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $30,000) $260,000 Accounts receivable (net) 340,000 Inventory at the lower of cost and net realizable value 401,000 FV-NI investments (at cost-fair value...
assessment.education wiley.com/was/ui/2/assessment-player/index.html?launchid=3eldfec1-1884-4dff-6506 65ca915d0898/question/ 5: Homework - please do questions 5 through 10 only Question 6 of 10 > 0.86 / 1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. For Chesapeake Limited's statement of financial position, indicate the proper classification for the following items: Account Classification (a) Preferred Shares Intang ble Assets (b) Franchises Intan Assets c) Salaries and Wages Payable Current Liabilities (d) Accounts Payable Current Liabilities le) Leasehold Improvements Property. Plantand Equipment...
E5.3 (L01, 2) (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the following headings on its statement of financial position. a. Investments b. Property, plant, and equipment. c. Intangible assets. d. Other assets. e. Current assets. f. Non-current liabilities. g. Current liabilities. h. Share capital i. Share premium j. Retained earnings. k. Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a...
Which of the following asset classification(s) is generally contained on a classified statement of financial position? O current assets O intangible assets property, plant and equipment O all of the above Net income retained for use in the business is shown on the statement of financial position as O share capital O retained earnings O long-term investments, O preferred shares.
P2-3 Recording Transactions in T-Accounts, Preparing a Statement of Financial Position from a Trial Balance, and Evaluating the Current Ratio LO2-4, 2-6 Injection Plastics Company has been operating for three years. At December 31, 2020, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $23,500 2,500 3,500 26,500 1,500 50,500 92,500 Intangibles Accounts payable Accrued liabilities Short-term borrowings Notes payable (long-term) Contributed capital Retained earnings $ 3,500 15,500 2,500 7,500 50,500...
Problem 5-9 a The statement of financial position of Bramble Corporation follows for the current year, 2020: BRAMBLE CORPORATION Statement of Financial Position December 31, 2020 Current assets $523,800 Current liabilities Investments 691,200 Long-term liabilities Property, plant, and equipment 1,857,600 Shareholders' equity Intangible assets 286,200 $3,358,800 $410,400 1,036,800 1,911,600 $3,358,800 The following additional information is available: 1. The current assets section includes the following: cash $162,000; accounts receivable $183,600, less $10,800 allowance for doubtful accounts; inventory $194,400; and unearned revenue...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and...
Problem 3-7A Determining balance sheet classifications LO C3 From the dropdown box beside each numbered balance sheet item, select the option of its balance sheet classification. If the item should not appear on the balance sheet, choose the option "No item required" from the selection choices. Classification Classification Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Prepaid rent (2 months of Rent) 6....
143 CHAPTER 3 The Balance Sheet and Financial Disclosures The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings e. Other assets Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification cate- gory. If the item is a contra account, place a minus sign before...
Cornerstone Exercise 11-18 Classification of Cash Flows A review of the statement of financial position of Petarch Company Ltd. revealed the following changes in the account balances: Required: Classify each change in the statement of financial position account as a cash flow from operating activities (indirect method), a cash flow from investing activities, a cash flow from financing activities, or a noncash investing and financing activity. a. Increase in long-term investment b. Increase in accounts receivable c. Increase in common...