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Business, 22.01.2021 19:40 hickslily9
The following classification scheme typically is used in the preparation of a balance sheet:
a.
Current assets
f.
Current liabilities
b.
Investments and funds
g.
Long-term liabilities
c.
Property, plant, and equipment
h.
Contributed capital
d.
Intangible assets
i.
Retained earnings
e.
Other assets
Using the letters above and the format below, indicate the balance sheet category in which an entity typically would place each of the following items. Indicate a contra account by placing your answer in parentheses.
1.Long-term receivables
2.Accumulated amortization
3.Current maturities of long-term debt
4Notes payable (short term)
5.Accrued payroll taxes
6.Leasehold improvements
7.Retained earnings appropriated for plant expans
8.Machinery
9.Donated capital
10.Short-term investments
11.Deferred tax liability(long term)
12.Allowance for uncollectible accounts
13.Premium on bonds payable
14. Supplies inventory
15.Additional paid-incapital
16.Work-in-process inventory
17.Notes receivable (short-term)
18.Copyrights
19.Unearned revenue(long-term)
20.Inventory
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Answers: 1
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The following classification scheme typically is used in the preparation of a balance sheet:
a.
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