Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear. Financial Statement Code Income Statement I/S Balance Sheet B/S Statement of Owner's Equity O/E b. For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a. Balance Sheet Classification Code Current Assets CA Long-term Investments LTI Property, Plant and Equipment PPE Intangibles I Goodwill G Current Liabilities CL Non-Current Liabilities NCL Owner's Equity OE Not on the Balance Sheet n/a a. b. Accounts in financial statement Financial Statement Balance Sheet Classification Accumulated depreciation – furniture Interest revenue Furniture Depreciation expense Trademarks (indefinite life) Rent expense Salaries payable Accounts payable Interest expense Mortgage payable, due in 5 years Prepaid rent V. Chehade, drawings Salaries expense Prepaid insurance Cash Accounts receivable Supplies Notes payable, due in 6 months Supplies expense Service revenue Long-term investment Advertising expense Goodwill Utilities expense Notes payable, due in 2 years Unearned revenue Repair parts inventory Patents (finite life) Interest payable
Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear. Financial Statement Code Income Statement I/S Balance Sheet B/S Statement of Owner's Equity O/E b. For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a. Balance Sheet Classification Code Current Assets CA Long-term Investments LTI Property, Plant and Equipment PPE Intangibles I Goodwill G Current Liabilities CL Non-Current Liabilities NCL Owner's Equity OE Not on the Balance Sheet n/a a. b. Accounts in financial statement Financial Statement Balance Sheet Classification Accumulated depreciation – furniture Interest revenue Furniture Depreciation expense Trademarks (indefinite life) Rent expense Salaries payable Accounts payable Interest expense Mortgage payable, due in 5 years Prepaid rent V. Chehade, drawings Salaries expense Prepaid insurance Cash Accounts receivable Supplies Notes payable, due in 6 months Supplies expense Service revenue Long-term investment Advertising expense Goodwill Utilities expense Notes payable, due in 2 years Unearned revenue Repair parts inventory Patents (finite life) Interest payable
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA1: International Financial Reporting Standards
Section: Chapter Questions
Problem 7MCQ
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Question
Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear. |
Financial Statement |
Code |
|||
Income Statement | I/S | |||
Balance Sheet | B/S | |||
Statement of Owner's Equity | O/E |
b. | For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a. |
Balance Sheet Classification | Code |
|||
Current Assets | CA | |||
Long-term Investments | LTI | |||
Property, Plant and Equipment | PPE | |||
Intangibles | I | |||
G | ||||
Current Liabilities | CL | |||
Non-Current Liabilities | NCL | |||
Owner's Equity | OE | |||
Not on the Balance Sheet | n/a |
a. | b. | |||
Accounts in financial statement |
|
Financial Statement |
|
Balance Sheet Classification |
Interest revenue | ||||
Furniture | ||||
Depreciation expense | ||||
Trademarks (indefinite life) | ||||
Rent expense | ||||
Salaries payable | ||||
Accounts payable | ||||
Interest expense | ||||
Mortgage payable, due in 5 years | ||||
Prepaid rent | ||||
V. Chehade, drawings | ||||
Salaries expense | ||||
Prepaid insurance | ||||
Cash | ||||
Accounts receivable | ||||
Supplies | ||||
Notes payable, due in 6 months | ||||
Supplies expense | ||||
Service revenue | ||||
Long-term investment | ||||
Advertising expense | ||||
Goodwill | ||||
Utilities expense | ||||
Notes payable, due in 2 years | ||||
Unearned revenue | ||||
Repair parts inventory | ||||
Patents (finite life) | ||||
Interest payable |
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