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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 65
Classifying Accounts and Their Usual Balances
As described in a recent annual report, Digital Diversions, Inc. (DDI) designs, develops, and distributes videogames for computers and advanced game systems. DDI has been operating for only one full year.
Required:
For each of the following accounts from DDI's recent balance sheet, complete the following table. Indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit ( dr ) or credit ( cr ) balance.
As described in a recent annual report, Digital Diversions, Inc. (DDI) designs, develops, and distributes videogames for computers and advanced game systems. DDI has been operating for only one full year.
Required:
For each of the following accounts from DDI's recent balance sheet, complete the following table. Indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit ( dr ) or credit ( cr ) balance.
Explanation
Verified
Verified
Current asset: Assets which can be easil...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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