Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of Meadows Company on December 31, 2019: Debits Credits Accounts Payable $ 9,800 Accounts Receivable w $ 18,000 Accrued Payables 6,500 Accumulated Depreciation 44,000 Accumulated Other Comprehensive Loss 1,000 Additional Paid-in Capital 50,600 Cash 7,900 Common Stock, $5 par 29,600 Cost of Goods Sold 175,500 Current Portion of Long-Term Debt 6,200 Deferred Taxes Payable 12,500 Dividends Distributed General Expenses Income Tax Expense 12,340 Income Taxes Payable Interest Expense Inventories ,000 Investment in Held-to-Maturity Bonds 27,560 7,500 6,000 Calculator Classifications on Balance Sheet The current balance sheet of J. J. Arvesen Company contains the following major sections: A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Long-term liabilities H. Contributed capital I. Retained earnings 1. Accumulated other comprehensive income The following is a list of accounts in random order. Using the letters A through. indicate in which section each account would most likely be classified. If an account does not belong under one of the sections listed, select "Not under any of the choices" from the classification drop down box. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no". Contra or Account Classification Deducted (Yes/No) 1. Patents (net) 2. Income Taxes Payable 3. Notes Receivable (due in 5 months) 4. Unearned Rent 5. Discount on Bonds Payable (long-term bonds) Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of Meadows Company on December 31, 2019: Debits Credits Accounts Payable $ 9,800 Accounts Receivable w $ 18,000 Accrued Payables 6,500 Accumulated Depreciation 44,000 Accumulated Other Comprehensive Loss 1,000 Additional Paid-in Capital 50,600 Cash 7,900 Common Stock, $5 par 29,600 Cost of Goods Sold 175,500 Current Portion of Long-Term Debt 6,200 Deferred Taxes Payable 12,500 Dividends Distributed General Expenses Income Tax Expense 12,340 Income Taxes Payable Interest Expense Inventories ,000 Investment in Held-to-Maturity Bonds 27,560 7,500 6,000 Calculator Classifications on Balance Sheet The current balance sheet of J. J. Arvesen Company contains the following major sections: A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Long-term liabilities H. Contributed capital I. Retained earnings 1. Accumulated other comprehensive income The following is a list of accounts in random order. Using the letters A through. indicate in which section each account would most likely be classified. If an account does not belong under one of the sections listed, select "Not under any of the choices" from the classification drop down box. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no". Contra or Account Classification Deducted (Yes/No) 1. Patents (net) 2. Income Taxes Payable 3. Notes Receivable (due in 5 months) 4. Unearned Rent 5. Discount on Bonds Payable (long-term bonds)
