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Use the Abbreviations Below to Classify the Following Balance Sheet

Question 103

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Use the abbreviations below to classify the following balance sheet items.

Premises:

Responses:

Salaries expense

Current assets

Supplies inventory

Current liabilities

Merchandise inventory

Noncurrent liabilities

Land

Noncurrent assets

Retained earnings

Shareholders' equity

Income taxes expense

Item generally not appearing on a balance sheet

Note receivable, due June 1, Year 2

Accounts payable

Building, net of accumulated depreciation

Common stock

Note payable, due in March, Year 1

Bank loan payable, due April 5, Year 2

Commissions paid to sales staff

Bonds payable, due Year 17

Equipment, net of accumulated depreciation

Accounts receivable

Note receivable, due December 2, Year 10

Premises:

Salaries expense

Supplies inventory

Merchandise inventory

Land

Retained earnings

Income taxes expense

Note receivable, due June 1, Year 2

Accounts payable

Building, net of accumulated depreciation

Common stock

Note payable, due in March, Year 1

Bank loan payable, due April 5, Year 2

Commissions paid to sales staff

Bonds payable, due Year 17

Equipment, net of accumulated depreciation

Accounts receivable

Note receivable, due December 2, Year 10

Responses:

Current assets

Current liabilities

Noncurrent liabilities

Noncurrent assets

Shareholders' equity

Item generally not appearing on a balance sheet

Correct Answer:

Premises:

Responses:

Salaries expense

Supplies inventory

Merchandise inventory

Land

Retained earnings

Income taxes expense

Note receivable, due June 1, Year 2

Accounts payable

Building, net of accumulated depreciation

Common stock

Note payable, due in March, Year 1

Bank loan payable, due April 5, Year 2

Commissions paid to sales staff

Bonds payable, due Year 17

Equipment, net of accumulated depreciation

Accounts receivable

Note receivable, due December 2, Year 10

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