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Question

assume that eugene motor corp. uses the following headings on its balance sheet:

a. current assets

b. investments

c. property, plant, and equipment

d. intangible assets

e. current liabilities

f. long-term liabilities

g. stockholders' equity

required:

indicate how each of the following should be best classified. if an item would not appear on the balance sheet but would appear in a note to the financial statements, use the letter "n" to indicate this. if an item is neither reported on the balance sheet nor disclosed as a note, use the letter "x" to indicate this. if the account balance is normally opposite that of a typical account in that classification, indicate this by placing the letter in parentheses.

1>

patents

2>

merchandise inventory

3>

taxes payable

4>

employee payroll deduction for state income taxes

5>

cash

6>

office supplies

7>

preferred stock

8>

common stock

9>

work in process

10>

land

11>

accounts receivable

12>

accumulated depreciation

13>

unearned rent income

14>

unamortized bond payable discount (bond payable five years from current balance sheet date)

15>

receivable from officerdue in 6 months

16>

accumulated deficit (losses incurred since inception)

17>

insurance expense

18>

goodwill

19>

interest accrued on u.s. government securities owned

20>

accounts payable

21>

treasury stock

22>

wages payable

23>

land purchased as future development site

24>

unexpired rent expense (prepaid rent)

Answer

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