Classifications on Balance Sheet The current balance sheet of J.J. Arvesen Compa
ID: 2337701 • Letter: C
Question
Classifications on Balance Sheet
The current balance sheet of J.J. Arvesen Company contains the following major sections:
A.Current assets
B.Long-term investments
C.Property, plant, and equipment
D.Intangible assets
E.Other assets
F.Current liabilities
G.Long-term liabilities
H.Contributed capital
I.Retained earnings
J.Accumulated other comprehensive income
Account
Classification Contra or
Deducted (Yes/No) 1. Patents (net) D 2. Income taxes payable 3. Notes receivable (due in 5 months) 4. Unearned rent 5. Discount on bonds payable (long-term bonds) 6. Computer Equipment in the Data processing center 7. Furniture 8. Land held for future expansion 9. Timberland (net) 10. Treasury stock, at cost 11. Advances to sales personnel 12. Idle machinery 13. Deferred taxes payable 14. Raw materials 15. Investment in held-to-maturity bonds 16. Pollution control facilities 17. Cash from security deposits of customers on returnable containers 18. Donated capital for industrial park building site from Toma City 19. Trademarks 20. Finished goods 21. Cash dividends payable 22. Bond sinking fund 23. Temporary investments 24. Retained earnings 25. Advances to affiliated company (long-term) 26. Cash surrender value of life insurance 27. Equipment under capital lease 28. Additional paid-in capital on preferred stock 29. Interest receivable (due in 5 months) 30. Office supplies 31. Accrued pension cost 32. Capital lease obligation 33. Investment in 8-year certificates of deposit 34. Unearned ticket sales 35. Estimated warranty (6-months) obligations 36. Unrealized decrease in value of available-for-sale securities 37. Cash
Explanation / Answer
Account Classification Contra or Deducted (yes / No) 1 D No 2 F No 3 A No 4 F No 5 G Yes 6 C No 7 C No 8 B No 9 C No 10 H No 11 A No 12 E No 13 G No 14 A No 15 B No 16 C No 17 E No 18 H No 19 D No 20 A No 21 F No 22 B No 23 A No 24 I No 25 B No 26 B No 27 C No 28 H No 29 A No 30 A No 31 G No 32 G No 33 B No 34 F No 35 F No 36 J Yes 37 A No