Typical balance sheet classifications are as follows. Current Assets g. Long-Term Liabilities Investments and Funds h. Capital Stock Property,...

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Accounting

Typical balance sheet classifications are as follows.
     CurrentAssets                                                                             g.     Long-Term Liabilities
     Investments andFunds                                                             h.     Capital Stock
     Property, Plant andEquipment                                                i.      Additional Paid-In Capital
     IntangibleAssets                                                                        j.      Retained Earnings
     OtherAssets                                                                                k.     Notes to Financial Statements
     CurrentLiabilities                                                                       l.      Not Reported on Balance Sheet
Indicate by use of the above letters how each of the followingitems would be classified on a balance sheet prepared at December31, 2014. If a contra account, or any amount that is negative oropposite the normal balance, put parentheses around the letterselected. A letter may be used more than once or not at all.
___    1.     Accrued salaries and wages
_    2.     Rent revenues for 3 months collected inadvance
_    3.     Land used as plant site
_    4.     Equity securities classified astrading
_    5.     Cash
_    6.     Accrued interest payable due in 30days
_    7.     Premium on preferred stock issued
_    8.     Premium on bonda payable
_    9.     Petty cash fund
_ 10.    Unamortized discount on bonds payable due 2017
_ 11.    Common stock at par value
_ 12.     Bondindenture covenants
_ 13.    Unamortized premium on bonds payable due in 2018
_ 14.    Allowance for doubtful accounts
_ 15.    Accumulated depreciation—equipment
_ 16.    Reserve for plant expansion
_ 17.    Retired equipment awaiting sale
_ 18.    Inventory held on consignment
_ 19.    Trading securities
_ 20.    Investment in stock of ABC Company (held for influence)
___ 21.    Dividends in arrears on preferred stock

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4.2 Ratings (727 Votes)

1 Accrued salaries wages f Current liabilities Because they will have to be paid within 1 accounting year or operating cycle 2 Rent revenues for 3 months collected in advance f Current liabilities Because they will have to be paid within 1 accounting year or operating cycle 3 Land used as plant site c Property Plant and equipment Because it is a fixed asset for the company 4Equity securities classified as trading b Investments and funds Because these are investments of the company and held for trading 5 Cash a Current assets Because cash will be used See Answer

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