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 Using the letters A through j, indicate in which section of the balance sheet 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) Select your answer ABCDEFGHIJNot under any of the choicesItem 1 Select your answer YesNoItem 2 2 Income taxes payable Select your answer ABCDEFGHIJNot under any of the choicesItem 3 Select your answer YesNoItem 4 3 Notes receivable (due in 5 months) Select your answer A BCD E FGHIJNot under any of the choicesItem 5 Select your answer YesNoItem 6 4 Unearned rent Select your answer AB CDE FGHIJNot under any of the choicesItem 7 Select your answer YesNoItem 8 5 Discount on bonds payable (long term bonds) Select your answer ABCD EFGHIJNot under any of the choicesItem 9 Select your answer YesNoItem 10 6 Computer Equipment in the Data processing center Select your answer AB CDE FGHIJNot under any of the choicesItem 11 Select your answer YesNoItem 12 7 Furniture Select your answer ABCDEFGHIJNot under any of the choicesItem 13 Select your answer YesNoItem 14 8 Land held for future expansion Select your answer A BCDEFGHIJNot under any of the choicesItem 15 Select your answer YesNoItem 16 9 Timberland (net) Select your answer ABCDEFGHIJNot under any of the choicesItem 17 Select your answer YesNoItem 18 10 Treasury stock, at cost Select your answer ABCDE FGHIJNot under any of the choicesItem 19 Select your answer YesNoItem 20 11 Advances to sales personnel Select your answer A BCDEFGHIJNot under any of the choicesItem 21 Select your answer YesNoItem 22 12 Idle machinery Select your answer AB CDE FGHIJNot under any of the choicesItem 23 Select your answer YesNoItem 24 13 Deferred taxes payable Select your answer A BCDEFGHIJNot under any of the choicesItem 25 Select your answer YesNoItem 26 14 Raw materials Select your answer AB CDEFGHIJNot under any of the choicesItem 27 Select your answer YesNoItem 28 15 Investment in held to maturity bonds Select your answer A B CD E FGHIJNot under any of the choicesItem 29 Select your answer YesNoItem 30 16 Pollution control facilities Select your answer A BCDEFGHIJNot under any of the choicesItem 31 Select your answer YesNoItem 32 17 Cash from security deposits of customers on returnable containers Select your answer A BCDEFGHIJNot under any of the choicesItem 33 Select your answer YesNoItem 34 18 Donated capital for industrial park building site from Toma City Select your answer A BC DEFGHIJNot under any of the choicesItem 35 Select your answer YesNoItem 36 19 Trademarks Select your answer A BCDEFGHIJNot under any of the choicesItem 37 Select your answer YesNoItem 38 20 Finished goods Select your answer A BC DE FGHIJNot under any of the choicesItem 39 Select your answer YesNoItem 40 21 Cash dividends payable Select your answer A BCDEFGHIJNot under any of the choicesItem 41 Select your answer YesNoItem 42 22 Bond sinking fund Select your answer A BCDEFGHIJNot under any of the choicesItem 43 Select your answer YesNoItem 44 23 Temporary investments Select your answer A BCDEFGHIJNot under any of the choicesItem 45 Select your answer YesNoItem 46 24 Retained earnings Select your answer A BCDEFGHIJNot under any of the choicesItem 47 Select your answer YesNoItem 48 25 Advances to affiliated company (long term) Select your answer A BC D EFGHIJNot under any of the choicesItem 49 Select your answer YesNoItem 50 26 Cash surrender value of life insurance Select your answer A BCD E FGHIJNot under any of the choicesItem 51 Select your answer YesNoItem 52 27 Equipment under capital lease Select your answer A BCD EFGHIJNot under any of the choicesItem 53 Select your answer YesNoItem 54 28 Additional paid in capital on preferred stock Select your answer A BCDEFGHIJNot under any of the choicesItem 55 Select your answer YesNoItem 56 29 Interest receivable (due in 5 months) Select your answer A BCD EFGHIJNot under any of the choicesItem 57 Select your answer YesNoItem 58 30 Office supplies Select your answer A BCDEFGHIJNot under any of the choicesItem 59 Select your answer YesNoItem 60 31 Accrued pension cost Select your answer A BCDEFGHIJNot under any of the choicesItem 61 Select your answer YesNoItem 62 32 Capital lease obligation Select your answer A BCDE FGHIJNot under any of the choicesItem 63 Select your answer YesNoItem 64 33 Investment in 8 year certificates of deposit Select your answer A BCD EFGHIJNot under any of the choicesItem 65 Select your answer YesNoItem 66 34 Unearned ticket sales Select your answer A BCDEFGHIJNot under any of the choicesItem 67 Select your answer YesNoItem 68 35 Estimated warranty (6 months) obligations Select your answer A BC DEFGHIJNot under any of the choicesItem 69 Select your answer YesNoItem 70 36 Unrealized decrease in value of available for sale securities Select your answer A BC DEFGHIJNot under any of the choicesItem 71 Select your answer YesNoItem 72 37 Cash Select your answer A BCDEFGHIJNot under any of the choicesItem 73 Select your answer YesNoItem 74

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

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 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 equipment

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. Using the letters A through j, indicate in which section of the balance sheet 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)	-Select your answer-ABCDEFGHIJNot under any of the choicesItem 1	-Select your answer-YesNoItem 2
2. Income taxes payable	-Select your answer-ABCDEFGHIJNot under any of the choicesItem 3	-Select your answer-YesNoItem 4
3. Notes receivable (due in 5 months)	-Select your answer-A BCD E FGHIJNot under any of the choicesItem 5	-Select your answer-YesNoItem 6
4. Unearned rent	-Select your answer-AB CDE FGHIJNot under any of the choicesItem 7	-Select your answer-YesNoItem 8
5. Discount on bonds payable (long-term bonds)	-Select your answer-ABCD EFGHIJNot under any of the choicesItem 9	-Select your answer-YesNoItem 10
6. Computer Equipment in the Data processing center	-Select your answer-AB CDE FGHIJNot under any of the choicesItem 11	-Select your answer-YesNoItem 12
7. Furniture	-Select your answer-ABCDEFGHIJNot under any of the choicesItem 13	-Select your answer-YesNoItem 14
8. Land held for future expansion	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 15	-Select your answer-YesNoItem 16
9. Timberland (net)	-Select your answer-ABCDEFGHIJNot under any of the choicesItem 17	-Select your answer-YesNoItem 18
10. Treasury stock, at cost	-Select your answer-ABCDE FGHIJNot under any of the choicesItem 19	-Select your answer-YesNoItem 20
11. Advances to sales personnel	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 21	-Select your answer-YesNoItem 22
12. Idle machinery	-Select your answer-AB CDE FGHIJNot under any of the choicesItem 23	-Select your answer-YesNoItem 24
13. Deferred taxes payable	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 25	-Select your answer-YesNoItem 26
14. Raw materials	-Select your answer-AB CDEFGHIJNot under any of the choicesItem 27	-Select your answer-YesNoItem 28
15. Investment in held-to-maturity bonds	-Select your answer- A B CD E FGHIJNot under any of the choicesItem 29	-Select your answer-YesNoItem 30
16. Pollution control facilities	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 31	-Select your answer-YesNoItem 32
17. Cash from security deposits of customers on returnable containers	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 33	-Select your answer-YesNoItem 34
18. Donated capital for industrial park building site from Toma City	-Select your answer-A BC DEFGHIJNot under any of the choicesItem 35	-Select your answer-YesNoItem 36
19. Trademarks	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 37	-Select your answer-YesNoItem 38
20. Finished goods	-Select your answer-A BC DE FGHIJNot under any of the choicesItem 39	-Select your answer-YesNoItem 40
21. Cash dividends payable	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 41	-Select your answer-YesNoItem 42
22. Bond sinking fund	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 43	-Select your answer-YesNoItem 44
23. Temporary investments	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 45	-Select your answer-YesNoItem 46
24. Retained earnings	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 47	-Select your answer-YesNoItem 48
25. Advances to affiliated company (long-term)	-Select your answer-A BC D EFGHIJNot under any of the choicesItem 49	-Select your answer-YesNoItem 50
26. Cash surrender value of life insurance	-Select your answer- A BCD E FGHIJNot under any of the choicesItem 51	-Select your answer-YesNoItem 52
27. Equipment under capital lease	-Select your answer- A BCD EFGHIJNot under any of the choicesItem 53	-Select your answer-YesNoItem 54
28. Additional paid-in capital on preferred stock	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 55	-Select your answer-YesNoItem 56
29. Interest receivable (due in 5 months)	-Select your answer- A BCD EFGHIJNot under any of the choicesItem 57	-Select your answer-YesNoItem 58
30. Office supplies	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 59	-Select your answer-YesNoItem 60
31. Accrued pension cost	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 61	-Select your answer-YesNoItem 62
32. Capital lease obligation	-Select your answer-A BCDE FGHIJNot under any of the choicesItem 63	-Select your answer-YesNoItem 64
33. Investment in 8-year certificates of deposit	-Select your answer- A BCD EFGHIJNot under any of the choicesItem 65	-Select your answer-YesNoItem 66
34. Unearned ticket sales	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 67	-Select your answer-YesNoItem 68
35. Estimated warranty (6-months) obligations	-Select your answer-A BC DEFGHIJNot under any of the choicesItem 69	-Select your answer-YesNoItem 70
36. Unrealized decrease in value of available-for-sale securities	-Select your answer-A BC DEFGHIJNot under any of the choicesItem 71	-Select your answer-YesNoItem 72
37. Cash	-Select your answer-A BCDEFGHIJNot under any of the choicesItem 73	-Select your answer-YesNoItem 74