Chap 4 inclass quick study prob PDF

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Computerized Accounting Chapter 4 - Classified Balance Sheet In-class Quick Study Problems

Problem 1:

The following are categories on a classified balance sheet: a. Current Assets b. Non-current Investments c. Property, Plant and Equipment

d. Intangible Assets e. Current Liabilities f. Non-current Liabilities

For each of the following items, select the letter that identifies the balance sheet category in which the item should appear: 1. 2. 3. 4. 5. 6. 7.

3-May-21

Store Equipment Wages Payable Cash Notes Payable (due in three years) Land not currently used in business operations Accounts Receivable Trademarks

BACC 251

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Computerized Accounting Chapter 4 - Classified Balance Sheet In-class Quick Study Problems Problem 2: In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter an "h" in the blank. a. b. c. d.

Current Assets Non-current Investments Property, Plant and Equipment Intangible Assets

e. f. g. h.

Current Liabilities Non-current Liabilities Equity Does not appear on balance sheet

1. Depreciation Expense, Trucks 2. Lee Hale, Capital 3. Interest Receivable 4. Lee Hale, Withdrawals 5. Automobiles 6. Notes Payable (due in three years) 7. Accounts Payable 8. Prepaid Insurance 9. Land not currently used in business operations 10. Unearned Services Revenue 11. Accumulated Depreciation, Trucks 12. Cash 13. Building 14. Patent 15. Office Equipment 16. Land (used in operations) 17. Repairs Expense 18. Prepaid Property Taxes 19. Notes Payable (due in two months) 20. Notes Receivable (due in two years)

3-May-21

BACC 251

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