Valuation of balance sheet accounts
Not what you're looking for?
Use the code letters listed below (a - l) to indicate, for each balance sheet item (1 - 13) listed below the usual valuation reported on the balance sheet.
1. Common stock
2. Prepaid expenses
3. Natural resources
4. Property, plant, and equipment
5. Trade accounts receivable
6. Copyrights
7. Merchandise inventory
8. Long-term bonds payable
9. Land (in use)
10. Land (future plant site)
11. Patents
12. Trading securities
13.Trade accounts payable
a. Par value
b. Current cost of replacement
c. Amount payable when due, less unamortized discount or plus unamortized premium
d. Amount payable when due
e. Market value at balance sheet date
f. Net realizable value
g. Lower of cost or market
h. Original cost less accumulated amortization
i. Original cost less accumulated depletion
j. Original cost less accumulated depreciation
k. Historical cost
l. Unexpired or unconsumed cost
Purchase this Solution
Solution Summary
The solution gives a one sentence response for each valuation type followed by a short paragraph about why valuation of balance sheet accounts in general is responsive.
Solution Preview
1. Common stock is reported at par. When sold at more than par, the additional amount is reported at cost as additional paid in capital.
2. Prepaid expenses are reported at unexpired or unconsumed cost.
3. Natural resources are valued at i.
4. Property, plant, and equipment is valued at ...
Purchase this Solution
Free BrainMass Quizzes
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Introduction to Finance
This quiz test introductory finance topics.