Free

70.2K

Verified Solution

Link Copied!

Presented below are the captions of Faulk Company’s balancesheet. Indicate where each of the following items would beclassified.

		Balance Sheet Accounts		Balance Sheet Classification
1.		Preferred stock.		select a classification                                                      Retained EarningsOther AssetsNonCurrentLiabilitiesAdditional Paid-in CapitalProperty, Plant, andEquipmentInvestmentsCurrent AssetsCurrent LiabilitiesIntangibleAssetsCapital Stock
2.		Goodwill.		select a classification                                                      Current AssetsRetained EarningsCapitalStockInvestmentsOther AssetsCurrent LiabilitiesIntangibleAssetsNonCurrent LiabilitiesProperty, Plant, andEquipmentAdditional Paid-in Capital
3.		Salaries and wages payable		select a classification                                                      Property, Plant, and EquipmentIntangibleAssetsRetained EarningsCapital StockInvestmentsOther AssetsCurrentAssetsCurrent LiabilitiesAdditional Paid-in CapitalNonCurrentLiabilities
4.		Accounts payable.		select a classification                                                      NonCurrent LiabilitiesRetainedEarningsCapital StockCurrent AssetsCurrentLiabilitiesInvestmentsIntangible AssetsOther AssetsAdditionalPaid-in CapitalProperty, Plant, and Equipment
5.		Buildings.		select a classification                                                      Intangible AssetsOther AssetsCapitalStockProperty, Plant, and EquipmentInvestmentsAdditional Paid-inCapitalRetained EarningsNonCurrent LiabilitiesCurrent AssetsCurrentLiabilities
6.		Equity investments (to be sold within one year).		select a classification                                                      Other AssetsIntangible AssetsNonCurrentLiabilitiesCurrent LiabilitiesCurrent AssetsAdditional Paid-inCapitalProperty, Plant, and EquipmentInvestmentsRetainedEarningsCapital Stock
7.		Current maturity of long-term debt.		select a classification                                                      Current LiabilitiesNonCurrentLiabilitiesOther AssetsRetained EarningsCurrentAssetsInvestmentsCapital StockAdditional Paid-in CapitalIntangibleAssetsProperty, Plant, and Equipment
8.		Premium on bonds payable.		select a classification                                                      Retained EarningsIntangibleAssetsProperty, Plant, and EquipmentNonCurrent LiabilitiesCapitalStockInvestmentsOther AssetsCurrent LiabilitiesCurrentAssetsAdditional Paid-in Capital
9.		Allowance for doubtful accounts.		select a classification                                                      Retained EarningsNonCurrentLiabilitiesIntangible AssetsCapital StockAdditional Paid-inCapitalCurrent AssetsOther AssetsCurrent LiabilitiesProperty,Plant, and EquipmentInvestments
10.		Accounts receivable.		select a classification                                                      Other AssetsCurrentAssetsInvestmentsCurrent LiabilitiesAdditional Paid-inCapitalRetained EarningsCapital StockIntangible AssetsNonCurrentLiabilitiesProperty, Plant, and Equipment
11.		Cash surrender value of life insurance.		select a classification                                                      NonCurrent LiabilitiesIntangibleAssetsCurrent LiabilitiesOther AssetsInvestmentsCurrentAssetsProperty, Plant, and EquipmentRetained EarningsAdditionalPaid-in CapitalCapital Stock
12.		Notes payable (due next year).		select a classification                                                      NonCurrent LiabilitiesInvestmentsOtherAssetsProperty, Plant, and EquipmentAdditional Paid-inCapitalCurrent AssetsRetained EarningsIntangible AssetsCurrentLiabilitiesCapital Stock
13.		Supplies.		select a classification                                                      Other AssetsAdditional Paid-inCapitalCurrent AssetsNonCurrent LiabilitiesProperty, Plant, andEquipmentCurrent LiabilitiesCapital StockRetainedEarningsInvestmentsIntangible Assets
14.		Common stock.		select a classification                                                      InvestmentsCurrent AssetsOtherAssetsAdditional Paid-in CapitalProperty, Plant, andEquipmentRetained EarningsCapital StockCurrentLiabilitiesIntangible AssetsNonCurrent Liabilities
15.		Land.		select a classification                                                      Intangible AssetsNonCurrentLiabilitiesRetained EarningsOther AssetsProperty, Plant, andEquipmentCapital StockInvestmentsCurrent LiabilitiesCurrentAssetsAdditional Paid-in Capital
16.		Bond sinking fund.		select a classification                                                      Current LiabilitiesNonCurrentLiabilitiesInvestmentsAdditional Paid-in CapitalRetainedEarningsProperty, Plant, and EquipmentCapital StockOtherAssetsCurrent AssetsIntangible Assets
17.		Inventory.		select a classification                                                      Current AssetsIntangible AssetsProperty,Plant, and EquipmentCurrent LiabilitiesCapital StockRetainedEarningsNonCurrent LiabilitiesOther AssetsInvestmentsAdditionalPaid-in Capital
18.		Prepaid insurance.		select a classification                                                      Other AssetsCapital StockNonCurrentLiabilitiesProperty, Plant, and EquipmentCurrentLiabilitiesIntangible AssetsAdditional Paid-inCapitalInvestmentsRetained EarningsCurrent Assets
19.		Bonds payable.		select a classification                                                      Current LiabilitiesInvestmentsProperty,Plant, and EquipmentCurrent AssetsCapital StockOtherAssetsNonCurrent LiabilitiesRetained EarningsIntangibleAssetsAdditional Paid-in Capital
20.		Income taxes payable.		select a classification                                                      Property, Plant, and EquipmentCurrentAssetsOther AssetsInvestmentsRetained EarningsAdditional Paid-inCapitalCurrent LiabilitiesCapital StockNonCurrentLiabilitiesIntangible Assets

eTextbook and Media

Attempts: 0 of 2 used

Save for LaterSubmit Answer