Question
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-YesNo Item 74 |
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