Chapter 4: Balance sheet classification Flashcards by Lauren Rusing

Q

Preferred stock

A

Stockholders’ equity - Capital stock

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Q

Goodwill

A

Asset - Intangible Asset

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Q

Salaries and wages payable

A

Liability - Current liability

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Q

Accounts payable

A

Liability - Current liability

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Q

Building

A

Asset - PPE

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Q

Equity Investments (to be sold within 1 year)

A

Assets - Current asset: Short-term investment

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Q

Current maturity on long-term debt

A

Liability - Current liability

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Q

Premium on bonds payable

A

Liability - Current liability

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Q

Allowance for doubtful accounts

A

Assets - Current asset: Contra cash account

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Q

Accounts receivable

A

Assets - Current asset

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Q

Notes payable (due next year)

A

Liability - Current liability

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Q

Supplies

A

Asset - Current asset: Inventory

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Q

Common stock

A

Stockholders’ equity - Capital stock

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Q

Land

A

Asset - PPE

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Q

Inventory

A

Asset - Current asset

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Q

Prepaid insurance

A

Asset - Current asset: Prepaid expense

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Q

Bonds payable (over 1 year)

Study These Flashcards

A

Liability - Long-term liability

Q

Income taxes payable

Study These Flashcards

A

Liability - Current liability

Q

Stock owned in another company

Study These Flashcards

A

Asset - Long-term investment: Equity securities

Q

Unearned service revenue

Study These Flashcards

A

Liability - Current liability

Q

Advances to suppliers

Study These Flashcards

A

Asset - Current asset: Prepaid expense

Q

Unearned rent revenue

Study These Flashcards

A

Liability - Current liability

Q

Additional paid-in capital on preferred stock

Study These Flashcards

A

Stockholders’ equity - Capital stock

Q

Copyrights

Study These Flashcards

A

Asset - Intangible asset

Petty cash fund

Asset - Current asset: Cash

Sales tax payable

Liability - Current liability

Accrued interest on notes receivable

Asset - Current asset

Twenty-year issue of bonds payable that will mature within the next year

Liability - Current liability

Machinery retired from use and held for sale

Asset - Long-term investment

Fully depreciated machine still in use

Asset - PPE

Accrued interests on bonds payable

Liability - Current liability

Salaries that the company budget will show will be paid to employees within the next year

Liability - Current liability

Discount on bonds payable

Liability - Current liability

Accumulated depreciation-Buildings

Asset - PPE

Treasury stock

Subcategory - Less: Stockholders' equity

Restricted cash for plant expansion

Asset - Long-term investment

Paid in capital in excess of par-common stock

Stockholders' equity - Capital stock

Retained earnings

Stockholders' equity

Recievables - officers (due in one year)

Subcategorized

Pension obligation

Liability - Current liability

Bonds payable (due in one year)

Liability - Current liability

Unearned subscription revenue

Liability - Current liability