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Intermediate Accounting Problems Ch3

13/04/2020 Client: wyncastaly Deadline: 2 Day


P 3-1



Balance sheet preparation



Presented below is a list of balance sheet accounts in alphabetical order.


Accounts payable


Inventories


Accounts receivable


Land (in use)


Accumulated depreciation—buildings


Long-term investments


Accumulated depreciation—equipment


Notes payable (due in 6 months)


Allowance for uncollectible accounts


Notes receivable (due in 2 years)


Bond sinking fund


Patent


Bonds payable (due in 10 years)


Preferred stock


Buildings


Prepaid expenses


Cash


Rent payable (current)


Common stock


Retained earnings


Copyright


Short-term investments


Equipment


Taxes payable


Interest receivable (due in three months)


Wages payable



Required:


Prepare a classified balance sheet ignoring monetary amounts.


P 3-2



Balance sheet preparation; missing elements




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