Ac 550

E5-2 (Classification of Balance Sheet Accounts) Presented below are the captions of Nikos Companys balance sheet. (a)Current assets. (b)Investments. (c)Property, plant, and equipment. (d)Intangible assets. (e)Other assets. (f)Current liabilities. (g)Non-current liabilities. (h)Capital stock. (i)Additional paid-in capital. (j)Retained earnings. Instructions Indicate by letter where each of the pursuance items would be classified. 1.Preferred stock. 2.Goodwill. 3.Salaries and wages payable. 4.Accounts payable. 5.Buildings. 6.Equity investments (trading). 7.Current portion of long-term debt. 8.Premium on bonds payable. 9.Allowance for doubtful accounts. 10.Accounts receivable. 11.Cash surr supplanter value of life insurance. 12.Notes payable (due following year). 13.Supplies. 14.Common stock. 15.Land. 16.Bond sinking fund. 17.Inventory. 18.Prepaid insurance. 19.Bonds payable. 20.Income tax payable. Answer: 1. h 2. d 3. f 4. f 5. c 6. a 7. f 8. g 9. a 10. a 11. d 12. f 13. a 14. h 15. c 16. d 17. a 18. a 19. g 20.

f E5-4 (Preparation of a Classified Balance Sheet) Assume that Gulistan Inc. has the following accounts at the bar of the current year. 1.Common Stock. 2.Discount on Bonds Payable. 3.Treasury Stock (at cost). 4.Notes Payable (short-term). 5.Raw Materials. 6.Preferred Stock Investments (long-term). 7.Unearned back up to Revenue. 8.Work in Process. 9.Copyrights. 10.Buildings. 11.Notes Receivable (short-term). 12.Cash. 13.Salaries and Wages Payable. 14.Accumulated DepreciationBuildings. 15.Cash Restricted for snare Ex pansion. 16.Land Held for Future Plant Site! . 17.Allowance for Doubtful AccountsAccounts...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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