You are provided with the following selected balance sheet accounts for L'Oréal Group SA, the world's largest

Question:

You are provided with the following selected balance sheet accounts for L'Oréal Group SA, the world's largest beauty products company:
Accumulated amortization-patents and trademarks Inventories
Accumulated depreciation-industrial machinery and equipment Investments
Bank overdraft Land
Cash Non-current borrowings and debts
Common (ordinary) shares Patents and trademarks
Current borrowings and debts Prepaid expenses
Income tax payable (current) Trade accounts payable
Industrial
machinery and equipment Trade accounts receivable.
Instructions
Identify the balance sheet (statement of financial position) category for classifying each account. For example, accumulated amortization-patents and trademarks should be classified as a contra asset in the intangible assets section of L'Oreal's balance sheet.
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

Question Posted: