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The following classification scheme typically is used in the preparation of a balance sheet:
a.
Current assets
f.
Current liabilities
b.
Investments and funds
g.
Long-term liabilities
c.
Property, plant, and equipment
h.
Contributed capital
d.
Intangible assets
i.
Retained earnings
e.
Other assets
Using the letters above and the format below, indicate the balance sheet category in which an entity typically would place each of the following items. Indicate a contra account by placing your answer in parentheses.

1._____Long-term receivables

2._____Accumulated amortization

3._____Current maturities of long-term debt

4_____Notes payable (short term)

5._____Accrued payroll taxes

6._____Leasehold improvements

7._____Retained earnings appropriated for plant expans

8._____Machinery

9._____Donated capital

10._____Short-term investments

11._____Deferred tax liability(long term)

12._____Allowance for uncollectible accounts

13._____Premium on bonds payable

14. _____Supplies inventory

15._____Additional paid-incapital

16._____Work-in-process inventory

17._____Notes receivable (short-term)

18._____Copyrights

19._____Unearned revenue(long-term)

20._____Inventory

Respuesta :

Answer:

Long-term Receivables: Other Assets

Accumulated Amortization: Intangible Assets

Current maturities of long-term debt: Current Liabilities

Notes payable (short-term): Current Liabilities

Accrued payroll taxes: Current Liabilities

Leasehold improvements: Property, Plant and Equipment

Retained earnings appropriated for plant expansion: Retained Earnings

Machinery: Property, Plant and Equipment

Donated capital: Contributed Capital

Short-term investments: Current Assets

Deferred tax liability (long-term): Long-term Liabilities

Allowance for uncollectible accounts: Current Assets

Premium on bonds payable: Long-term Liabilities

inventory: Current Assets

Additional paid-in capital: Contributed Capital

The following classification scheme typically is used in the preparation of a balance sheet is Current assets. (a)

  • Other Assets - Long-term receivables
  • Intangible Assets - Accumulated amortization
  • Current Liabilities - Current maturities of long-term debt
  • Current Liabilities - Notes payable (short term)
  • Property, Plant and Equipment - Accrued payroll taxes
  • Property, Plant and Equipment - Leasehold improvements
  • Retained Earnings - Retained earnings appropriated for plant expansion
  • Property, Plant and Equipment - Machinery
  • Contributed Capital - Donated capital
  • Current Assets - Short-term investments
  • Long-term Liabilities - Deferred tax liability(long term)
  • Current Assets - Allowance for uncollectible accounts
  • Current Assets - Premium on bonds payable
  • Current Assets - Supplies inventory
  • Contributed Capital - Additional paid-incapital
  • Long-term Liabilities - Work-in-process inventory
  • Contributed Capital - Notes receivable (short-term)
  • Current Assets - Copyrights
  • Contributed Capital - Unearned revenue(long-term)
  • Current Assets - Inventory

What is Current Assets?

In accounting, a current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle or financial year.

What is Classification scheme?

In information science and ontology, a classification scheme is the product of arranging things into kinds of things or into groups of classes.

What is a balance sheet?

In financial accounting, a balance sheet is a summary of the financial balances of an individual or organization.

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