Purchase Solution

Account classification

Not what you're looking for?

Ask Custom Question

P2-2 Financial statement account identification Mark each of the accounts listed in
the following table as follows:
a. In column (1), indicate in which statement-income statement (IS) or balance
sheet (BS)-the account belongs.
b. In column (2), indicate whether the account is a current asset (CA), current
liability (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue
(R), or stockholders' equity (SE).
(1) (2)
Account name Statement Type of account
Accounts payable _______ _______
Accounts receivable _______ _______
Accruals _______ _______
Accumulated depreciation _______ _______
Administrative expense _______ _______
Buildings _______ _______
Cash _______ _______
Common stock (at par) _______ _______
Cost of goods sold _______ _______
Depreciation _______ _______
Equipment _______ _______
General expense _______ _______
Interest expense _______ _______
Inventories _______ _______
Land _______ _______
Long-term debts _______ _______
Machinery _______ _______
Marketable securities _______ _______
Notes payable _______ _______
Operating expense _______ _______
Paid-in capital in excess of par _______ _______
Preferred stock _______ _______
Preferred stock dividends _______ _______
Retained earnings _______ _______
Sales revenue _______ _______
Selling expense _______ _______

Purchase this Solution
Solution Summary

The solution explains the classification of the given accounts

Purchase this Solution
Free BrainMass Quizzes
Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

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.

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

View More Free Quizzes
Related BrainMass Solutions

  • Estimating Cost Functions for Blockbuster and Netflix

    classification - High-low - Regression analysis methods In regards to account classification, high-low, and regression analysis,Which method do you feel best estimates cost functions for both Netflix and Blockbuster?

  • Cost Equation/Account Classification Method

    129976 Cost Equation/Account Classification Method A. Develop the cost equation for Mr. Smith's store, using the account classification method, assuming that the cost object is the individual compact disc. b. Mr.

  • Netflix and Blockbuster Cost Function Estimation Methods

    Account classification might be a good way but it is dependent on how clean the cost behaviors are in each account and how well the manager doing the estimating understands those costs.

  • Various Accounting Multiple Choice

    The Accounts Payable account's proper classification and normal account balance are: a. Asset b. Liability c. Owner's equity d. Revenue 6. The Inventory account's proper classification is: a. Revenue b. Expense c.

  • ABC Inventory Classification

    The ABC classification is system used to classify parts sold by a company based on the annual consumption value or sales. The ABC classification is based on Pareto's principal that 20% of the goods sold account for 80% of the sales.

  • Long-Term Liabilities Classifications

    504821 Long-Term Liabilities (Classification of Liabilities) Presented below are various account balances.

  • Adjusting Entries and Account Classification

    210414 Adjusting Entries and Account Classification I am trying to get a better understanding of this before I get to the end of the class and need help with this problem. see attached document. Adjusting entries and account classification.

  • Balance Sheet Classification

    Balance Sheet Classification for Pyle Company: for the list of 14 accounts, the solution presents a sentence to explain the classification of each account.

  • Content classification websites

    386546 Locate an example website for each content classification--product-dominant, information-dominant, and service-dominant. How does each site account for factors of consumer behavior?

  • Notes payable

    427039 Notes Payable Notes payable: a. is a current liability account. b. usually has a debit balance. c. is a non-current liability account. d. cannot determine its classification without additional information.

View More Related Solutions