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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 38
Classifying balance sheet items.
The following accounts appear on the worksheet of Giddy's Craft Store at December 31, 2013. Indicate the section of the classified balance sheet in which each account will be reported.
SECTIONS OF CLASSIFIED BALANCE SHEET
a. Current Assets
b. Plant and Equipment
c. Current Liabilities
d. Long-Term Liabilities
e. Owner's Equity
ACCOUNTS
1. Accounts Receivable
2. Delivery Van
3. Prepaid Insurance
4. Notes Payable, due 2014
5. Store Supplies
6. Accounts Payable
7. Merchandise Inventory
8. Ray Lynch, Capital
9. Cash
10. Unearned Subscriptions Income
The following accounts appear on the worksheet of Giddy's Craft Store at December 31, 2013. Indicate the section of the classified balance sheet in which each account will be reported.
SECTIONS OF CLASSIFIED BALANCE SHEET
a. Current Assets
b. Plant and Equipment
c. Current Liabilities
d. Long-Term Liabilities
e. Owner's Equity
ACCOUNTS
1. Accounts Receivable
2. Delivery Van
3. Prepaid Insurance
4. Notes Payable, due 2014
5. Store Supplies
6. Accounts Payable
7. Merchandise Inventory
8. Ray Lynch, Capital
9. Cash
10. Unearned Subscriptions Income
Explanation
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Classifying the income statement items: ...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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