Each account has a normal balance. Classify each of the following items found on Vail Resorts' 2015
Question:
Each account has a normal balance. Classify each of the following items found on Vail Resorts' 2015 financial statements included in the Form 10-K for the year ended July 31, 2015, according to (1) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders' equity (SE) item and (2) whether it has a normal balance of a debit (D) or a credit (C).
Item ________________________________________ Classified as _______ Normal Balance
Example: Cash and cash equivalents ............................. A ............................. D
1. Trade receivables, net of allowances ..................... ___________ ............ ___________
2. Segment operating expense-Lodging ...................___________ ..............___________
3. Common stock ...............................................___________ ..............___________
4. Income taxes payable .......................................___________ ...............___________
5. Net revenue-Mountain ....................................___________ ...............___________
6. Interest expense ..............................................___________ ...............___________
7. Property, plant and equipment, net .......................___________ ...............___________
8. Accounts payable and accrued liabilities ................___________ ...............___________
9. Retained earnings ..........................................___________ ................___________
10. Long-term debt ...........................................___________ .................___________
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Step by Step Answer:
Item Classified as Normal Balance 1 Trade receivables net of allowances A D 2 Segm...View the full answer
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1337491471
10th edition
Authors: Gary A. Porter, Curtis L. Norton
