Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The green options are the correct ones , others are wrong ones, need help with the wrong questions at the moment. Current Attempt in Progress
The green options are the correct ones , others are wrong ones, need help with the wrong questions at the moment.
Current Attempt in Progress . Your answer is partially correct. Indicate how each of the following items would be classified on a statement of financial position prepared at December 31, 2022. Ifa contra account, or any amount that is negative or opposite the normal balance, use the term with parentheses. 1. Accrued salaries and wages Current Liabilities 2. Rental revenues for 3 months collected in advance Current Liabilities 3. Land used as plant site Plant Assets 4. Equity securities classified as trading Current Assets 5. Cash Current Assets 6. Accrued interest payable due in 30 days Current Liabilities 7. Share premium-preference shares Share Premium 8. Warranty liability Current Liabilities vM 9. Currency held in the cash register Current Assets 10. Ordinary shares Share Capital 11. Long-term debt covenants Non-Current Liabilities 12. Allowance for doubtful accounts (Current Assets) 13. Accumulated depreciation (Plant Assets) 14. Goodwill Intangible Assets 15. 90 day notes payable Current Liabilities 16. Investment in bonds of another company, will be held to 2026 maturity Investments 17. Land held for speculation Investments 18. Death of company president Not Reported on Statement of Financial Position 19. Current maturity of bonds payable Current Liabilities 20. Trade accounts payable Current Liabilities 21. Preference shares ($10 par) Share Capital 22. Prepaid rent for next 12 months Current Assets 23. Copyright Intaneible Assets 24. Accumulated amortization, patents (Intangible Assets) 25. Earnings not distributed to shareholders Notes to Financial Statements Current Assets Investments Plant Assets Intangible Assets Other Assets Current Assets Share Capital Share Premium Retained Earnings Non-Current Liabilities Current Liabilities Notes to Financial Statements Not Reported on Statement of Financial Position (Investments) (Plant Assets) (Intangible Assets) (Other Assets) (Current Assets) (Share Capital) (Share Premium) (Retained Earnings) (Non-Current Liabilities) (Current Liabilities) Non-Current Liabilities | 1 1 1 (Current Assets)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started