Exam 2: Ch 4 Balance Sheet Review

Question 1

capital stock

Answer 1

preferred stock

Question 2

intangible assets

Answer 2

goodwill

Question 3

current liability

Answer 3

salaries and wages payable

Question 4

current liability

Answer 4

accounts payable

Question 5

property, plant, equipment

Answer 5

buildings

Question 6

current assets

Answer 6

equity investments (to be sold within one year)

Question 7

current liability

Answer 7

current maturity of long-term debt

Question 8

noncurrent liability

Answer 8

premium on bonds payable

Question 9

current asset

Answer 9

allowance for doubtful accounts

Question 10

current asset

Answer 10

accounts receivable

Question 11

noncurrent liability

Answer 11

notes payable (due next year)

Question 12

current asset

Answer 12

supplies

Question 13

capital stock

Answer 13

common stock

Question 14

property, plant, equipment

Answer 14

land

Question 15

current asset

Answer 15

inventory

Question 16

current asset

Answer 16

prepaid insurance

Question 17

noncurrent liability

Answer 17

bonds payable

Question 18

current liability

Answer 18

income taxes payable

Question 19

long-term investments

Answer 19

stock owned in another company

Question 20

current liability

Answer 20

unearned service revenue

Question 21

current assets

Answer 21

advances to suppliers

Question 22

current liability

Answer 22

unearned rent revenue

Question 23

capital stock

Answer 23

preferred stock

Question 24

additional paid-in-capital

Answer 24

additional paid-in-capital on preferred stock

Question 25

intangible assets

Answer 25

copyrights

Question 26

current assets

Answer 26

petty cash fund

Question 27

current liability

Answer 27

sales taxes payable

Question 28

current asset

Answer 28

accrued interest on notes receivable

Question 29

current liability

Answer 29

twenty-year issue of bonds payable that will mature within the next year

Question 30

current or other asset

Answer 30

machinery retired from use and held for sale

Question 31

property, plant, equipment

Answer 31

fully depreciated machine still in use

Question 32

current liability

Answer 32

accrued interest on bonds payable

Question 33

not reported on balance sheet

Answer 33

salaries that company budget shows will be paid to employees within the next year

Question 34

current liability

Answer 34

discount on twenty-year issue of bonds payable that will mature within the next year

Question 35

property, plant, equipment

Answer 35

accumulated depreciation - buildings