ACCT315 1. The following are the common classifications used in a balance sheet:

ACCT315 1. The following are the common classifications used in a balance sheet:

1. The following are the common classifications used in a balance sheet:A.Current assetsF. Current liabilitiesB.InvestmentsG. Long-term liabilitiesC.Property, plant and equipmentH. Paid-in-capitalD.Intangible assetsI. Retained earningsE.Other assetsRequired:For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account or valuation account, place a minus sign before the chosen letter. 1. Note receivable (due in 2 years)2. Accounts receivable3.¦ Accumulated depreciation4.Land, in use5.Note payable (due in 10 months)6.Interest payable7. Note receivable (due in 6 months)8.Cash equivalents9. Investment in XYZ Corp ( long-term)10. Inventories11.Goodwill12.Accrued salaries payable13.Accrued interest payable14.Prepaid insurance15.Common stock16.Equipment17.Unearned revenue18.Warranties payable2. The following are common disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear.Use A if the item would appear in summary of significant accounting policies notesUse B if the item would appear in subsequent events notesUse C if the item would appear in noteworthy events and transactions1. Depreciation method 2. Information on related party transactions3. Method of accounting for acquisitions4. Composition and details of long-term debt5. Inventory method6. Basis of revenue recognition7. Major damage to a plant facility occurring after year-end8. Composition of accrued liabilities3. The December 31, 2013 post-closing trial balance for Tricam Engineering, an exploration company, is presented below. Account TitleDebitsCreditsCash 52,000Accounts receivable 223,000Allowance for uncollectible accounts 15,000Inventories 200,000Supplies 3,000Investments 140,000Land 100,000Buildings 500,000Accumulated depreciation buildings 150,000Machinery 250,000Accumulated depreciation machinery 80,000Goodwill 36,000Accounts payable 125,000Bonds payable 500,000Interest payable 40,000Common stock 500,000Retained earnings 94,000Totals 1,504,0001,504,000Additional information provided is below:1.Accounts receivable includes a $50,000 note receivable received from a customer that is due in 2015. Also included is interest on the note of $3,000 that is due in six months.2.The land account includes land that cost $20,000 that the company has not used and is currently listed for sale.3. The investment account includes a $10,000, 3-month certificate of deposit due in 40 days. The remaining investments will be sold within the next year.4. The bonds payable account consists of the following:a.a $200,000 issue due in six months.b.a $300,000 issue due in six years.5. The common stock account represents 500,000 shares of no par value common stock issued and outstanding. The corporation has 1,000,000 shares authorized.Required:Prepare a classified balance sheet for Tricam Engineering at December 31, 2013 using the post-closing trial balance and the additional information provided.


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