Matching
Use the abbreviations below to classify the following balance sheet items.
Premises:
Salaries expense
Supplies inventory
Merchandise inventory
Land
Retained earnings
Income taxes expense
Note receivable, due June 1, Year 2
Accounts payable
Building, net of accumulated depreciation
Common stock
Note payable, due in March, Year 1
Bank loan payable, due April 5, Year 2
Commissions paid to sales staff
Bonds payable, due Year 17
Equipment, net of accumulated depreciation
Accounts receivable
Note receivable, due December 2, Year 10
Responses:
Current assets
Current liabilities
Noncurrent liabilities
Noncurrent assets
Shareholders' equity
Item generally not appearing on a balance sheet
Correct Answer:
Premises:
Responses:
Salaries expense
Supplies inventory
Merchandise inventory
Land
Retained earnings
Income taxes expense
Note receivable, due June 1, Year 2
Accounts payable
Building, net of accumulated depreciation
Common stock
Note payable, due in March, Year 1
Bank loan payable, due April 5, Year 2
Commissions paid to sales staff
Bonds payable, due Year 17
Equipment, net of accumulated depreciation
Accounts receivable
Note receivable, due December 2, Year 10
Premises:
Salaries expense
Supplies inventory
Merchandise inventory
Land
Retained earnings
Income taxes expense
Note receivable, due June 1, Year 2
Accounts payable
Building, net of accumulated depreciation
Common stock
Note payable, due in March, Year 1
Bank loan payable, due April 5, Year 2
Commissions paid to sales staff
Bonds payable, due Year 17
Equipment, net of accumulated depreciation
Accounts receivable
Note receivable, due December 2, Year 10
Responses:
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