Question
Presented below are the captions of Faulk Companys balance sheet. Indicate where each of the following items would be classified. Balance Sheet Accounts Balance Sheet
Presented below are the captions of Faulk Companys balance sheet. Indicate where each of the following items would be classified.
Balance Sheet Accounts | Balance Sheet Classification | |||
---|---|---|---|---|
1. | Preferred stock. | select a classification Capital StockAdditional Paid-in CapitalOther AssetsProperty, Plant, and EquipmentCurrent AssetsInvestmentsNonCurrent LiabilitiesIntangible AssetsRetained EarningsCurrent Liabilities | ||
2. | Goodwill. | select a classification Intangible AssetsProperty, Plant, and EquipmentCurrent AssetsRetained EarningsOther AssetsAdditional Paid-in CapitalNonCurrent LiabilitiesCurrent LiabilitiesCapital StockInvestments | ||
3. | Salaries and wages payable | select a classification Current LiabilitiesProperty, Plant, and EquipmentRetained EarningsNonCurrent LiabilitiesAdditional Paid-in CapitalOther AssetsCurrent AssetsCapital StockInvestmentsIntangible Assets | ||
4. | Accounts payable. | select a classification Other AssetsProperty, Plant, and EquipmentInvestmentsCapital StockAdditional Paid-in CapitalNonCurrent LiabilitiesIntangible AssetsRetained EarningsCurrent LiabilitiesCurrent Assets | ||
5. | Buildings. | select a classification Current LiabilitiesRetained EarningsCapital StockAdditional Paid-in CapitalOther AssetsNonCurrent LiabilitiesCurrent AssetsProperty, Plant, and EquipmentInvestmentsIntangible Assets | ||
6. | Equity investments (to be sold within one year). | select a classification Retained EarningsCapital StockIntangible AssetsCurrent LiabilitiesOther AssetsNonCurrent LiabilitiesCurrent AssetsInvestmentsAdditional Paid-in CapitalProperty, Plant, and Equipment | ||
7. | Current maturity of long-term debt. | select a classification Capital StockRetained EarningsCurrent LiabilitiesNonCurrent LiabilitiesProperty, Plant, and EquipmentCurrent AssetsIntangible AssetsInvestmentsOther AssetsAdditional Paid-in Capital | ||
8. | Premium on bonds payable. | select a classification NonCurrent LiabilitiesCurrent LiabilitiesInvestmentsCapital StockCurrent AssetsIntangible AssetsRetained EarningsAdditional Paid-in CapitalOther AssetsProperty, Plant, and Equipment | ||
9. | Allowance for doubtful accounts. | select a classification Property, Plant, and EquipmentIntangible AssetsCapital StockCurrent LiabilitiesRetained EarningsNonCurrent LiabilitiesCurrent AssetsOther AssetsAdditional Paid-in CapitalInvestments | ||
10. | Accounts receivable. | select a classification Other AssetsNonCurrent LiabilitiesInvestmentsProperty, Plant, and EquipmentIntangible AssetsCapital StockRetained EarningsCurrent AssetsCurrent LiabilitiesAdditional Paid-in Capital | ||
11. | Cash surrender value of life insurance. | select a classification Intangible AssetsOther AssetsCapital StockCurrent AssetsRetained EarningsProperty, Plant, and EquipmentAdditional Paid-in CapitalCurrent LiabilitiesInvestmentsNonCurrent Liabilities | ||
12. | Notes payable (due next year). | select a classification Current AssetsNonCurrent LiabilitiesCapital StockInvestmentsOther AssetsIntangible AssetsRetained EarningsCurrent LiabilitiesAdditional Paid-in CapitalProperty, Plant, and Equipment | ||
13. | Supplies. | select a classification Capital StockIntangible AssetsCurrent LiabilitiesRetained EarningsCurrent AssetsOther AssetsAdditional Paid-in CapitalProperty, Plant, and EquipmentNonCurrent LiabilitiesInvestments | ||
14. | Common stock. | select a classification Intangible AssetsAdditional Paid-in CapitalNonCurrent LiabilitiesCapital StockProperty, Plant, and EquipmentRetained EarningsInvestmentsCurrent AssetsOther AssetsCurrent Liabilities | ||
15. | Land. | select a classification Retained EarningsProperty, Plant, and EquipmentNonCurrent LiabilitiesInvestmentsOther AssetsCapital StockCurrent AssetsAdditional Paid-in CapitalIntangible AssetsCurrent Liabilities | ||
16. | Bond sinking fund. | select a classification Current LiabilitiesIntangible AssetsCurrent AssetsInvestmentsAdditional Paid-in CapitalProperty, Plant, and EquipmentOther AssetsRetained EarningsCapital StockNonCurrent Liabilities | ||
17. | Inventory. | select a classification NonCurrent LiabilitiesProperty, Plant, and EquipmentCurrent AssetsAdditional Paid-in CapitalInvestmentsRetained EarningsCapital StockOther AssetsIntangible AssetsCurrent Liabilities | ||
18. | Prepaid insurance. | select a classification Capital StockCurrent LiabilitiesProperty, Plant, and EquipmentIntangible AssetsOther AssetsRetained EarningsAdditional Paid-in CapitalNonCurrent LiabilitiesInvestmentsCurrent Assets | ||
19. | Bonds payable. | select a classification Other AssetsNonCurrent LiabilitiesAdditional Paid-in CapitalCapital StockIntangible AssetsCurrent AssetsInvestmentsCurrent LiabilitiesRetained EarningsProperty, Plant, and Equipment | ||
20. | Income taxes payable. | select a classification Property, Plant, and EquipmentNonCurrent LiabilitiesOther AssetsCapital StockRetained EarningsAdditional Paid-in CapitalCurrent AssetsInvestmentsIntangible AssetsCurrent Liabilities |
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