Classification of accounts for the balance sheet, income sta
Not what you're looking for?
How many of the following balance sheet items are classified as current?
Retained earnings
Accounts payable
Plant and equipment
Inventory
Common stock
Bonds payable
Accrued wages payable
Accounts receivable
Preferred stock
1) 3 of these items are classified as current
2) 4 of these items are classified as current
3) 5 of these items are classified as current
4) 6 of these items are classified as current
How many of the following items are found on the income statement, rather than the balance sheet?
* Sales
* Notes payable (6 months)
* Bonds payable, maturity 2001
* Common stock
* Depreciation expense
* Inventories
* Capital in excess of par value
* Net income (earnings after taxes)
* Income tax payable
1) 2 of these items are found on the income statement
2) 3 of these items are found on the income statement
3) 4 of these items are found on the income statement
4) 5 of these items are found on the income statement
How many of the following items decrease cash flow in the Statement of Cash flows?
* Increase in accounts receivable
* Increase in notes payable
* Depreciation expense
* Increase in investments
* Decrease in accounts payable
* Decrease in prepaid expenses
* Dividend payment
* Increase in accrued expenses
1) 2 of these items decrease cash flow
2) 3 of these items decrease cash flow
3) 4 of these items decrease cash flow
4) 5 of these items decrease cash flow
Purchase this Solution
Solution Summary
This solution guides the student in the details of classified balance sheets and how individual accounts are reported.
Solution Preview
See my notes next to each account so that you can learn about each one and select the correct answers...
How many of the following balance sheet items are classified as current?
Retained earnings - no, equity section which doesn't have current/noncurrent sections
Accounts payable - yes
Plant and equipment - long term
Inventory - yes
Common stock - equity (see above)
Bonds payable - usually long term but could have current portion in a particular year if you are given specific details about this
Accrued wages payable - yes
Accounts receivable - yes
Preferred stock - equity again!
1) 3 of these items are classified as current
2) 4 of these items are classified as current
3) 5 of these items are classified as current
4) 6 of ...
Education
- BSc, University of Virginia
- MSc, University of Virginia
- PhD, Georgia State University
Recent Feedback
- "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
- "Thank, this is more clear to me now."
- "Awesome job! "
- "ty"
- "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Learning Lean
This quiz will help you understand the basic concepts of Lean.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
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.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.