Chapter 2 Hw

Question 1

Match each of the following accounts to its proper balance sheet classification.
Accounts payable

Answer 1

Current Liabilities

Question 2

Match each of the following accounts to its proper balance sheet classification.
Accounts receivable

Answer 2

Current Assets

Question 3

Match each of the following accounts to its proper balance sheet classification.
Accumulated depreciation

Answer 3

Property, Plant, and Equipment

Question 4

Match each of the following accounts to its proper balance sheet classification.
Buildings

Answer 4

Property, Plant, and Equipment

Question 5

Match each of the following accounts to its proper balance sheet classification.
Cash

Answer 5

Current Assets

Question 6

Match each of the following accounts to its proper balance sheet classification.
Goodwill

Answer 6

Intangible Assets

Question 7

Match each of the following accounts to its proper balance sheet classification.
Income taxes payable

Answer 7

Current Liabilities

Question 8

Match each of the following accounts to its proper balance sheet classification.
Investment in long-term bonds

Answer 8

Long-term investment

Question 9

Match each of the following accounts to its proper balance sheet classification.
Land

Answer 9

Property, Plant, and Equipment

Question 10

Match each of the following accounts to its proper balance sheet classification.
Inventory

Answer 10

Current Assets

Question 11

Match each of the following accounts to its proper balance sheet classification.
Patent

Answer 11

Intangible Assets

Question 12

Match each of the following accounts to its proper balance sheet classification.
Supplies

Answer 12

Current Assets

Question 13

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

Answer 13

Intangible Assets

Question 14

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)

Answer 14

Current Liabilities

Question 15

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

Answer 15

Not applicable

Question 16

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

Answer 16

Current Liabilities

Question 17

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)

Answer 17

Long-term investments

Question 18

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

Answer 18

Current Liabilities

Question 19

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

Answer 19

Current assets

Question 20

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

Answer 20

Property, Plant, and Equipment

Question 21

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

Answer 21

Property, Plant, and Equipment

Question 22

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

Answer 22

Stockholders’ Equity

Question 23

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

Answer 23

Not applicable

Question 24

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)

Answer 24

Long-term Liabilities

Question 25

Classify each of the following financial statement items based upon the major balance sheet classifications. Prepaid advertising

Answer 25

current assets

Question 26

Classify each of the following financial statement items based upon the major balance sheet classifications. Equipment

Answer 26

Property, plant, and equipment

Question 27

Classify each of the following financial statement items based upon the major balance sheet classifications. Trademarks

Answer 27

Intangible Assets

Question 28

Classify each of the following financial statement items based upon the major balance sheet classifications. Salaries and wages payable

Answer 28

current liabilities

Question 29

Classify each of the following financial statement items based upon the major balance sheet classifications. Income taxes payable

Answer 29

current liabilities

Question 30

Classify each of the following financial statement items based upon the major balance sheet classifications. Retained earnings

Answer 30

Stockholders' Equity

Question 31

Classify each of the following financial statement items based upon the major balance sheet classifications. Accounts receivable

Answer 31

current assets

Question 32

Classify each of the following financial statement items based upon the major balance sheet classifications. Land (held for future use)

Answer 32

Long-term investments

Question 33

Classify each of the following financial statement items based upon the major balance sheet classifications. Patents

Answer 33

Intangible Assets

Question 34

Classify each of the following financial statement items based upon the major balance sheet classifications. Bonds payable

Answer 34

Long-term Liabilities

Question 35

Classify each of the following financial statement items based upon the major balance sheet classifications. Common stock

Answer 35

Stockholders' Equity

Question 36

Classify each of the following financial statement items based upon the major balance sheet classifications. Accumulated depreciation—equipment

Answer 36

Property, Plant, and equipment

Question 37

Classify each of the following financial statement items based upon the major balance sheet classifications. Unearned sales revenue

Answer 37

Current Liabilities

Question 38

Classify each of the following financial statement items based upon the major balance sheet classifications. Inventory

Answer 38

Current Assets

Question 39

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Accounts payable

Answer 39

Current Liabilities

Question 40

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Accounts receivable

Answer 40

Current assets

Question 41

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Accumulated depreciation—equipment

Answer 41

Property, plant, and equipment

Question 42

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Buildings

Answer 42

Property, plant, and equipment

Question 43

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Cash

Answer 43

Current assets

Question 44

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Interest payable

Answer 44

Current Liabilities

Question 45

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Goodwill

Answer 45

intangible assets

Question 46

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Income taxes payable

Answer 46

Current Liabilities

Question 47

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Inventory

Answer 47

current assets

Question 48

``` Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Stock investments (to be sold in 7 months) ```

Answer 48

current assets

Question 49

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Land (in use)

Answer 49

Property, plant, and equipment

Question 50

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Mortgage payable

Answer 50

Long-term Liabilities

Question 51

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Supplies

Answer 51

current assets

Question 52

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Equipment

Answer 52

Property, plant, and equipment

Question 53

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Prepaid rent

Answer 53

current assets

Question 54

List current assets in order of liquidity

Answer 54

``` cash debt investments accounts receivable inventory supplies prepaid insurance. ```

Question 55

Intangible assets are

Answer 55

listed after property, plant, and equipment.

Question 56

What is the order in which assets are generally listed on a classified balance sheet?

Answer 56

Current; long-term investments; property, plant and equipment, intangibles

Question 57

On a classified balance sheet, short-term investments are classified as

Answer 57

a current asset.

Question 58

Trademarks would appear in which balance sheet section?

Answer 58

Intangible assets

Question 59

Liabilities are generally classified on a balance sheet as

Answer 59

current liabilities and long-term liabilities.

Question 60

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.

Answer 60

A receivable from the sale of an asset to be collected in two years.

Question 61

Which of the following is not considered an asset? Equipment Dividends Inventory Accounts receivable

Answer 61

Dividends

Question 62

It is not true that current assets are resources that are expected to be

Answer 62

acquired within one year.