Classifications on Balance Sheet The current balance sheet of J J Arvesen Company contains the following major sections Current assets Long term investments Property, plant, and equipment Intangible assets Other assets Current liabilities Long term liabilities Contributed capital Retained earnings Accumulated other comprehensive income The following is a list of accounts in random order Using the letters A through J, 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 Account Classification Contra or 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) 6 Computer Equipment in the Data Processing Center 7 Furniture 8 Land Held for Future Expansion 9 Timberland (net) 10 Treasury Stock (at cost) 11 Advances to Sales Personnel 12 Idle Machinery 13 Deferred Taxes Payable 14 Raw Materials 15 Investment in Held to Maturity Bonds 16 Pollution Control Facilities 17 Cash from Security Deposits of Customers on Returnable Containers 18 Donated Capital for Industrial Park Building Site from Toma City 19 Trademarks 20 Finished Goods 21 Cash Dividends Payable 22 Bond Sinking Fund 23 Short Term Investments 24 Retained Earnings 25 Advances to Affiliated Company (long term) 26 Cash Surrender Value of Life Insurance 27 Equipment under Capital Lease 28 Additional Paid in Capital on Preferred Stock 29 Interest Receivable (due in 5 months) 30 Office Supplies 31 Accrued Pension Cost 32 Capital Lease Obligation 33 Investment in 8 Year Certificates of Deposit 34 Unearned Ticket Sales 35 Estimated Warranty (6 month) Obligations 36 Cash

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 13, 2024

Classifications on Balance Sheet The current balance sheet of J. J. Arvesen Company contains the following major sections: Current assets Long-term investments Property, plant, and

Classifications on Balance Sheet

The current balance sheet of J. J. Arvesen Company contains the following major sections:

Current assets
Long-term investments
Property, plant, and equipment
Intangible assets
Other assets
Current liabilities
Long-term liabilities
Contributed capital
Retained earnings
Accumulated other comprehensive income

The following is a list of accounts in random order. Using the letters A through J, 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".

Account	Classification	Contra or 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)
6. Computer Equipment in the Data Processing Center
7. Furniture
8. Land Held for Future Expansion
9. Timberland (net)
10. Treasury Stock (at cost)
11. Advances to Sales Personnel
12. Idle Machinery
13. Deferred Taxes Payable
14. Raw Materials
15. Investment in Held-to-Maturity Bonds
16. Pollution Control Facilities
17. Cash from Security Deposits of Customers on Returnable Containers
18. Donated Capital for Industrial Park Building Site from Toma City
19. Trademarks
20. Finished Goods
21. Cash Dividends Payable
22. Bond Sinking Fund
23. Short-Term Investments
24. Retained Earnings
25. Advances to Affiliated Company (long-term)
26. Cash Surrender Value of Life Insurance
27. Equipment under Capital Lease
28. Additional Paid-in Capital on Preferred Stock
29. Interest Receivable (due in 5 months)
30. Office Supplies
31. Accrued Pension Cost
32. Capital Lease Obligation
33. Investment in 8-Year Certificates of Deposit
34. Unearned Ticket Sales
35. Estimated Warranty (6-month) Obligations
36. Cash