Chapter 2 Hw Flashcards
Match each of the following accounts to its proper balance sheet classification.
Accounts payable
Current Liabilities
Match each of the following accounts to its proper balance sheet classification.
Accounts receivable
Current Assets
Match each of the following accounts to its proper balance sheet classification.
Accumulated depreciation
Property, Plant, and Equipment
Match each of the following accounts to its proper balance sheet classification.
Buildings
Property, Plant, and Equipment
Match each of the following accounts to its proper balance sheet classification.
Cash
Current Assets
Match each of the following accounts to its proper balance sheet classification.
Goodwill
Intangible Assets
Match each of the following accounts to its proper balance sheet classification.
Income taxes payable
Current Liabilities
Match each of the following accounts to its proper balance sheet classification.
Investment in long-term bonds
Long-term investment
Match each of the following accounts to its proper balance sheet classification.
Land
Property, Plant, and Equipment
Match each of the following accounts to its proper balance sheet classification.
Inventory
Current Assets
Match each of the following accounts to its proper balance sheet classification.
Patent
Intangible Assets
Match each of the following accounts to its proper balance sheet classification.
Supplies
Current Assets
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Trademarks
Intangible Assets
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Notes payable (current)Current Liabilities
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Interest revenue
Not applicable
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Income taxes payable
Current Liabilities
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Debt investments (long-term)Long-term investments
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Unearned sales revenue
Current Liabilities
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Inventory
Current assets
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Accumulated depreciation
Property, Plant, and Equipment
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Land
Property, Plant, and Equipment
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Common stock
Stockholders’ Equity
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Advertising expense
Not applicable
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Mortgage payable (due in 3 years)Long-term Liabilities
Classify each of the following financial statement items based upon the major balance sheet classifications.
Prepaid advertising
current assets
Classify each of the following financial statement items based upon the major balance sheet classifications.
Equipment
Property, plant, and equipment
Classify each of the following financial statement items based upon the major balance sheet classifications.
Trademarks
Intangible Assets
Classify each of the following financial statement items based upon the major balance sheet classifications.
Salaries and wages payable
current liabilities
Classify each of the following financial statement items based upon the major balance sheet classifications.
Income taxes payable
current liabilities
Classify each of the following financial statement items based upon the major balance sheet classifications.
Retained earnings
Stockholders’ Equity
Classify each of the following financial statement items based upon the major balance sheet classifications.
Accounts receivable
current assets
Classify each of the following financial statement items based upon the major balance sheet classifications.
Land (held for future use)
Long-term investments
Classify each of the following financial statement items based upon the major balance sheet classifications.
Patents
Intangible Assets
Classify each of the following financial statement items based upon the major balance sheet classifications.
Bonds payable
Long-term Liabilities
Classify each of the following financial statement items based upon the major balance sheet classifications.
Common stock
Stockholders’ Equity
Classify each of the following financial statement items based upon the major balance sheet classifications.
Accumulated depreciation—equipment
Property, Plant, and equipment
Classify each of the following financial statement items based upon the major balance sheet classifications.
Unearned sales revenue
Current Liabilities
Classify each of the following financial statement items based upon the major balance sheet classifications.
Inventory
Current Assets
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Accounts payable
Current Liabilities
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Accounts receivable
Current assets
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Accumulated depreciation—equipment
Property, plant, and equipment
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Buildings
Property, plant, and equipment
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Cash
Current assets
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Interest payable
Current Liabilities
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Goodwill
intangible assets
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Income taxes payable
Current Liabilities
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Inventory
current assets
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Stock investments (to be sold in 7 months)current assets
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Land (in use)
Property, plant, and equipment
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Mortgage payable
Long-term Liabilities
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Supplies
current assets
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Equipment
Property, plant, and equipment
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Prepaid rent
current assets
List current assets in order of liquidity
cash debt investments accounts receivable inventory supplies prepaid insurance.
Intangible assets are
listed after property, plant, and equipment.
What is the order in which assets are generally listed on a classified balance sheet?
Current; long-term investments; property, plant and equipment, intangibles
On a classified balance sheet, short-term investments are classified as
a current asset.
Trademarks would appear in which balance sheet section?
Intangible assets
Liabilities are generally classified on a balance sheet as
current liabilities and long-term liabilities.
Which of the following is not classified properly as a current asset?
Debt investments.
A fund to be used to purchase a building within the next year.
A receivable from the sale of an asset to be collected in two years.
Supplies.
A receivable from the sale of an asset to be collected in two years.
Which of the following is not considered an asset?
Equipment
Dividends
Inventory
Accounts receivable
Dividends
It is not true that current assets are resources that are expected to be
acquired within one year.
