Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

for each of the following indicate how it normally should be categorized on a classified balance sheet. USE CA for current assets NCA for noncurrent

for each of the following indicate how it normally should be categorized on a classified balance sheet. USE

CA for current assets

NCA for noncurrent asset

CL for current liability

NCL for Non current liability

SE for stockholders equity

Also indicate weather its a normally debit or credit balance

1) Notes and loans payable (short term)

2) materials and supplies

3) common stock

4) patents ( an intangible asset)

5) Income taxes payable

6) long term debt

7) marketable securities

8) property, plant and equipement

9) retained earnings

10) notes and accounts receivable short term

11) investments long term

12) cash and cash equivalents

13) accounts payable

14) crude oil products and merchandise

15) additional paid- in capital

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles Volume II

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

1259261433, 978-1260305838

More Books

Students also viewed these Accounting questions

Question

Subjective norms, i.e. the norms of the target group

Answered: 1 week ago

Question

The relevance of the information to the interpreter

Answered: 1 week ago