E 3.02 – Typical classifications in the balance sheet
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
For each of the following balance sheet items use the letters to indicate the classification category.
For each of the following balance sheet items use the letters to indicate the classification category.
Create a classified balance sheet for Jackson Corporation at December 31, by properly classifying each of the accounts.
They give you a long list of accounts. Find the company’s current assets, current liabilities, and working capital.
Prepare asset and liability sections of the classified balance sheet. Show how each should be reported.
Calculate the current ratio, the acid-test ratio, the debt to equity ratio, and the times interest earned ratio.
Given the situations the company faced… determine the required journal entry along with the equipment’s book value.
Given the information on the trial balance, determine the adjusted and unadjusted trial balance for the prepaid rent and rent expense.
Given the trial balances, determine the sales revenue, insurance expense, and other operating expenses.
This problem provides a list of accounts and asks for the amount either in current assets or current liabilities.
There’s a list of accounts before closing entries and you are asked to provide the total amount of shareholders’ equity.