E5-3

Exercises on Chapter 5

Exercise 5-3 (Classification of Balance Sheet Accounts)
Assume that fieldsman Enterprises uses the following headings on its Balance Sheets.
a) Current Assets
b) Investments
c) Property, plant and equipment
d) impalpable assets
e) Other assets
f) Current liabilities
g) Long-term liabilities
h) Capital commonplace
i) Paid-in capital in excess of you
j) Retained earnings

Instructions:
Indicate by earn how each of the following usually should be classified. If an item should shape up in a note to the financial statements, use the earn N to indicate this fact. If an item need not be reported at all on the balance poll use the letter X.




1) Unexpired Insurance
(a) flowing ASSET
2) Stock owned in affiliated companies
(b) INVESTMENT
3) Unearned subscriptions revenue
(f) new LIABILITY
4) Advances to suppliers
(a) CURRENT ASSET
5) Unearned rent revenue
(f) CURRENT LIABILITY
6) Preferred Stock
(h) CAPITAL STOCK
7) aid on preferred stock
(i) PAID-IN CAPITAL IN EXCESS OF PAR
8) Copyrights
(d) nonphysical ASSETS
9) Petty Cash breed
(a) CURRENT ASSET
10) Sales tax collectable
(f) CURRENT LIABILITY
11) accumulated interest on notes receivable
(a) CURRENT ASSET
12) Twenty-year issue of bonds payable that will mature within the next year. (No sinking fund exists, and refunding is not planned)
(f) CURRENT LIABILITY
13) Machinery retired from use and held for sale
(a) CURRENT ASSETS
(b) OTHER ASSETS
14) near depreciated machine still in use
(c) PROPERTY, PLANT, AND EQUIPMENT OR N
15) Accrued interest on bonds payableIf you want to get a full essay, order it on our website: Orderessay



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