All of the followinng questions have the same list to choose from. Presented bel
ID: 2329294 • Letter: A
Question
All of the followinng questions have the same list to choose from.
Presented below are the main section headings of the balance sheet: Classify the following accounts under the appropriate headings. 1.Dividends payable 2. Unearned Revenue 3. Allowance for Doubtful Accounts 4. Inventory 5. Common Stock 6.Accumulated Depreciation 7.Bonds Payable 8. Machine 9.Accounts Receivable 10. Short-term Investments 11. Buildings 12. Patents 13. Land 14. Long-term Investments 15. Salaries and Wages Payable 16. Cash 17. Accumulated Amortization 18. Prepaid Rent 19. Retained Earnings 20. Current portion due of notes payable 21. Accounts Payable 22. Short-term Notes Payable Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets Current Liabilities Long-term Liabilities Contributed Capital Retained EarningsExplanation / Answer
1. Dividends Payable-Current Liabilities
2. Unearned Revenue- Current Liabilities
3. Allowance for Doubtful Doubts- Current Assets,Actually it contra Asset but when coming to income statement it is type of expense but finally it falls under the Current Assets in case of balance sheet
4. Inventory-Current Asset
5. Common Stock-Contributed Capital
6. Accumulated Depreciation-Property Plant Equipment , Actually it is falls under Contra Asset i.e An Adjustment to Asset.
7. Bonds Payable-Current Liabilities
8. Machine-Property Plant Equipment
9. Accounts Receivables-Current Assets
10. Short Term Investments-Current Assets
11. Buildings- Property Plant Equipment
12. Patents-Intangible Assets
13. Land- Property Plant Equipment
14. Long Term Investments-Long Term Investments
15. Salaries and Wages Payable-Current Liabilties
16. Cash-Current Asset
17. Accumulated Amortisation-Intangibles Contra
18. Prepaid Rent-Current Asset
19. Retained Earnings-Retained Earnigs
20. Current Portion due of Notes Payable- Current Liabilities
21. Accounts Payable- Current Liabilities
22. Short Term Notes Payable- Current Liabilities