The balance sheet contains the following major sections A. Current assets B. Long-term investments C. Property, plant,

Question:

The balance sheet contains the following major sections

A. Current assets

B. Long-term investments

C. Property, plant, and equipment

D. Intangible assets

E. Other assets

F. Current liabilities

G. Long-term liabilities

H. Other liabilities

I. Contributed capital

J. Retained earnings

K. Accumulated other comprehensive income

Required

The following is a list of several accounts. Using the letters A through K, indicate in which section of the balance sheet each of the accounts would be classified. Place a check mark (() beside each item that is a contra account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain.

__________1. Cash

__________2. Bonds payable (due in 8 years)

__________3. Machinery

__________4. Deficit

__________5. Unexpired insurance

__________6. Franchise (net)

__________7. Fund to retire preferred stock

__________8. Current portion of mortgage payable

__________9. Accumulated depreciation

__________10. Copyrights

__________11. Investment in held-to-maturity bonds

__________12. Allowance for doubtful accounts

__________13. Notes receivable (due in 3 years)

__________14. Property taxes payable

__________15. Deferred taxes payable

__________16. Premium on preferred stock

__________17. Premium on bonds payable (due in 8 years)

__________18. Work in process

__________19. Common stock, $1 par

__________20. Land

__________21. Treasury stock (at cost)

__________22. Unrealized increase in value of available-for-sale securities

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