Exercise 5-2 Presented below are the captions of Faulk Company's balance sheet. Indicate where each of the following items wou

Exercise 5-2 Presented below are the captions of Faulk Companys balance sheet. Indicate where each of the following items would be classified. Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable 4. Accounts payable 5. Buildings. 6. Equity investments (to be sold in the next year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13. Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable.

Exercise 5-2 Presented below are the captions of Faulk Company’s balance sheet. Indicate where each of the following items would be classified. Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable 4. Accounts payable 5. Buildings. 6. Equity investments (to be sold in the next year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13. Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable.

Expert Answer

 

BALANCE SHEET ACCOUNTS BALANCESHEET CLASSIFICATION
preferred stock liabilities – shareholders equity
goodwill assets- fixed assets
salaries and wages payable liabilities – current liabilities
accounts payable liabilities – current liabilities
buildings assets – fixed assets
equity investments assets- current assets
current maturity of long-term debt libilities- current liabilities
premium on bonds payable liabilities – long term liabilities
allowance for doubtful accounts deduct from debtors or accounts recievable
accounts receivable assets- current assets
cash surrender value of life insurance asset- other current asset
notes payable libilities- current liabilities
supplies assets- current assets
common stock liabilities – owners equity
land asstes – fixed assets
bond sinking fund assets – non current asst
inventory assets – current assets
prepaid insurance assets – current assets
bonds payable liability – long term liability
income taxes payble liability – current liability
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