1. The following are the common classifications used in a balance sheet:

A. Current assets F. Current liabilities

B. Investments G. Long-term liabilities

C. Property, plant and equipment H. Paid-in-capital

D. Intangible assets I. Retained earnings

E. Other assets

Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account or valuation account, place a minus sign before the chosen letter.

1. ___ Note receivable (due in 2 years)

2. ___ Accounts receivable

3. ___ Accumulated depreciation

4. ___Land, in use

5. ___Note payable (due in 10 months)

6. ___Interest payable

7. ___ Note receivable (due in 6 months)

8. ___Cash equivalents

9. ___ Investment in XYZ Corp ( long-term)

10. ___ Inventories

11. ___Goodwill

12. ___Accrued salaries payable

13. ___Accrued interest payable

14. ___Prepaid insurance

15. ___Common stock

16. ___Equipment

17. ___Unearned revenue

18. ___Warranties payable

The following are common disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear. Use A if the item would appear in summary of significant accounting policies notes Use B if the item would appear in subsequent events notes Use C if the item would appear in noteworthy events and transactions

1. Depreciation method _

2. Information on related party transactions _____

3. Method of accounting for acquisitions _____

4. Composition and details of long-term debt _____

5. Inventory method _____

6. Basis of revenue recognition _____

7. Major damage to a plant facility occurring after year-end _____

8. Composition of accrued liabilities _____

3. The December 31, 2017 post-closing trial balance for Precise Engineering, an exploration company, is presented below.

Account Title Debits Credits Cash ................................................................ 52,000

Accounts receivable ........................................ 223,000

Allowance for uncollectible accounts .............. 15,000

Inventories ....................................................... 200,000

Supplies ........................................................... 3,000

Investments ..................................................... 140,000

Land ................................................................. 100,000

Buildings .......................................................... 500,000

Accumulated depreciation - buildings ............. 150,000

Machinery ........................................................ 250,000

Accumulated depreciation - machinery ........... 80,000

Goodwill ........................................................... 36,000

List Accounts payable ............................................ 125,000

Bonds payable ................................................. 500,000

Interest payable ............................................... 40,000

Common stock ................................................ 500,000

Retained earnings ........................................... ______ 94,000

Totals 1,504,000 1,504,000

Additional information provided is below:

1. Accounts receivable includes a $50,000 note receivable received from a customer that is due in 2017. Also included is interest on the note of $3,000 that is due in six months.

2. The land account includes land that cost $20,000 that the company has not used and is currently listed for sale.

3. The investment account includes a $10,000, 3-month certificate of deposit due in 40 days. The remaining investments will be sold within the next year.

4. The bonds payable account consists of the following: a. a $200,000 issue due in six months. b. a $300,000 issue due in six years.

5. The common stock account represents 500,000 shares of no par value common stock issued and outstanding.

The corporation has 1,000,000 shares authorized. Required: Prepare a classified balance sheet for the company at December 31, 2017 using the post-closing trial balance and the additional information provided.