Purchase Solution

Balance Sheet Classifications

Not what you're looking for?

Ask Custom Question

Presented below are a number of balance sheet accounts of Deep Blue Something, Inc.

1. Investment in Preferred Stock - Investments
2. Treasury Stock - Capital Stock
3. Common Stock -
4. Cash Dividends Payable
5. Accumulated Depreciation
6. Warehouse in Process of Construction
7. Petty Cash
8. Accrued Interest on Notes Payable
9. Deficit
10. Trading Securities
11. Income Taxes Payable
12. Unearned Subscription Revenue
13. Work in Progress
14. Accrued Vacation Pay

Indicate the proper balance sheet classification for each of the above accounts.

Purchase this Solution
Solution Summary

The solution provides the classfiication for the type of account listed and also gives an explanation for the placement.

Solution Preview

1. Long term assets following PP&E on the balance sheet (5 below) assuming the intent is to hold for investment
2. Equity - a negative capital account disclosed separately within equity
3. Equity - a separately stated component of the equity section
4. Current liabilities assuming the dividends will be paid within one year
5. Plant, property and equipment - as a negative (reduction) of depreciable assets and stated separately
6. Plant, property and equipment ...

Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.

Introduction to Finance

This quiz test introductory finance topics.

View More Free Quizzes
Related BrainMass Solutions

  • Describe the roles and responsibilities of management and in

    List the six major classifications reported on a balance sheet 11. For property, plant, and equipment, as reported on the balance sheet, explain: a) Cost b) Accumulated depreciation c) Net book value 12.

  • Accounting and Classifications of Investments

    For example, the unrealized gains and losses for trading securities are recorded in the income statement and consequently, the balance sheet while unrealized losses and gains for available for sale securities are reflected in the balance sheet only.

  • This addresses the current and long term assets of Love's.

    This solution discusses each part of the Love's Industries balance sheet classifications for current and long term assets. All parts of the questions presented are fully discussed.

  • Classified Balance Sheet & Statement of Stockholders' Equity

    330875 Classified Balance Sheet & Statement of Stockholders' Equity From the following information (given in scrambled order) obtained from the accounting records of Alleg, Inc., as of December 31, 2008, prepare a classified balance sheet in report form

  • Classifications for non-influential investments in securities

    Companies list trading securities as current assets on their balance sheet, and they are reported at their current market value.

  • Accounting: Balance Sheet

    The problem set deals with creating a properly classified balance sheet.

  • Accounting: Creating a Balance Sheet

    317253 Accounting: Creating a Balance Sheet The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2008. It is presented in scrambled order.

  • Income statement, classified balance sheet

    229820 Taylorsville B/S, Pickard Income Stmt, Edgemont RE, Cash flow classifications Chapter 2 : Exercise 2-25, 2-27 (only part 1) 2-29, 2-32 and 2-33 2-25 Balance Sheet Preparation From the following data, prepare a classified balance sheet for

  • Cash Flow, Retained Earnings, and Balance Sheet

    139989 Accounting Concepts Cash flow classifications, retained earnings computation, and balance sheet Cash flow classifications =============== Cash flows can be classified into: 1.

  • Adjusting Entries and Account Classification

    Indicate the proper balance sheet classification of each of the 15 numbered accounts in the 12/31/05 trial balance before adjustments by placing appropriate numbers after each of the following classifications.

View More Related Solutions