11. Listed below are balance sheet accounts for Elfs Gift Shop. Mark current accounts with C and noncurrent accounts with NC _____

(a) Long-term debt. _____ (b) Inventories. _____ (c) Accounts payable. _____ (d) Prepaid expenses. _____ (e) Equipment. _____ (f) Accrued liabilities. _____ (g) Accounts receivable. _____ (h) Cash. _____ (i) Bonds payable. _____ (j) Patents.

12. Dots Delicious Donuts has the following accounts on its balance sheet: 1) Current assets. 2) Property, plant, and equipment (PP&E) 3) Intangible assets. 4) Other assets. 5) Current liabilities. 6) Deferred federal income taxes. 7) Long-term debt. 8) Stockholders equity. Using the above categories, how would each of the following items be classified: a) Land held for speculation. b) Current maturities on mortgage. c) Common stock. d) Mortgage payable. e) Balances outstanding on credit sales to customers f) Accumulated depreciation g) Buildings used in business h) Accrued payroll i) Preferred stock j) Debt outstanding from credit extended by suppliers k) Patents l) Land on which warehouse is located m) Allowance for doubtful accounts n) Liability due to differences in taxes paid and taxes reported o) Additional paid in capital

13. Use the following definitions to describe the balance sheet accounts below: 1) Used up within one year or operating cycle, whichever is longer. 2) Expenses incurred prior to cash outflow. 3) An agreement to use assets that is in substance a purchase 4) Estimation of uncollectible accounts receivable. 5) Cost allocation of fixed assets other than land. 6) Expenses paid in advance. 7) Combined statements of parent company and controlled subsidiary companies. 8) Price at which stock trades 9) Difference in taxes reported and taxes paid. 10) Portion of debt to be repaid during the upcoming year. a) Consolidated financial statements b) Currents assets c) Depreciation d) Deferred taxes e) Allowance for doubtful accounts f) Prepaid expenses g) Current maturities of Long-term debt h) Accrued expenses i) Capital lease j) Market value of stock