Classified Balance Sheet Components

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Concept: Classified Balance Sheet Components


Classified Balance Sheet Components Additional Practice Problems

Which of the following items would be shown as part of the Stockholder’s Equity on the balance sheet?

a. Cash

b. Notes Payable

c. Retained Earnings

d. Accounts Receivable

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The following information was taken from the accounting records of ABC Company for the year ended December 31, 2006:

Calculate the amount of ABC Company's  total current assets at December 31, 2006.

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The following information was taken from the accounting records of ABC Company for the period ended January 31, 2003:

Calculate the amount of  total current assets at January 31.

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Classify the following accounts to the appropriate financial statement.

1. Accounts receivable is an asset account.

2. Dividend revenue is a revenue account.

3. Mortgage payable is a liability account.

4. Retained earnings is an equity account.

5. Cost of goods sold is an expense account.

6. Copyright is an asset account.

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All of the following are current assets except:

a. Cash

b. Prepaid expenses

c. Equipment

d. Supplies

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Shamrock, Crop. has the following account balances at year end. What is the company's total assets?

Inventory $15,000
Accounts Receivable $8,000
Accounts Payable $5,000
Notes Payable $5,000
Retained Earnings $2,000
Cost of Goods Sold $3,000

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The chart lists accounts in no particular order. What are total current assets?

a. $90,000

b. $93,000

c. $137,000

d. $347,000

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When presenting a classified balance sheet, the correct order for the following current assets is:

a. accounts receivable, cash, prepaid rent, inventory
b. cash, inventory, accounts receivable, prepaid rent
c. cash, accounts receivable, inventory, prepaid rent
d. inventory, cash, accounts receivable, prepaid rent

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