Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition

EXERCISE 4-8

Purpose:

(L.O. 6) This exercise will allow you to practice identifying the classification of accounts on a classified balance sheet.

A list of the balance sheet classifications appears below along with a list of account titles for the Steve Martin Corporation.

Accounts

_______ 1. Accounts Receivable

_______ 2. Wages and Salaries Payable

_______ 3. Notes Payable (due in 4 years)

_______ 4. Office Equipment

_______ 5. Bank Loan Payable (due in 6 months)

_______ 6. Patent

_______ 7. Notes Payable (due in 4 mos.)

_______ 8. Bonds Payable (due in 20 years)

_______ 9. Notes Receivable (due in 3 years)

_______ 10. Mortgages Payable (due in 5 years)

_______ 11. Salaries and Wages Expense

_______ 12. Prepaid Insurance

_______ 13. Delivery Trucks

_______ 14. Copyright

_______ 15. Cash

_______ 16. Utilities Expense

_______ 17. Depreciation Expense

_______ 18. Rent Revenue Received in Advance (to be earned in 6 mos.)

_______ 19. Interest Receivable

_______ 20. Rent Revenue

_______ 21. Common Stock

_______ 22. Building

_______ 23. Prepaid Advertising

_______ 24. Prepaid Property Taxes

_______ 25. Investment in Orlando Aviation Authority Bonds

_______ 26. Property Taxes Payable

_______ 27. Investment in Stock of ABC Corporation

_______ 28. Land

_______ 29. Parking Lots & Driveways

_______ 30. Trademark

_______ 31. ...