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.
They ask you to find the effect on 3 ratios (current, acid-test, debt to equity) of 11 items such as issuing bonds, a note, pay accts payable, etc.
Given the information on the trial balance, determine the adjusted and unadjusted trial balance for the prepaid rent and rent expense.
Your numbers will vary.
Prepare the single-step income statement, statement of retained earnings, and balance sheet.
Given the adjusted trial balances for the corporation – figure out what you would report on the income statement for sales revenue, insurance expense, and operating expenses.
Your numbers will vary.
For each situation, determine the date for which the company recognizes the revenue under accrual-basis accounting.
For each situation, determine the date for which the company recognizes the expense under accrual-basis accounting.
For each situation, determine the date for which the company recognizes revenue using cash basis accounting.
For each situation, determine the date for which the company recognizes the expense using cash-basis accounting.
Given information regarding items that need further consideration for financial statements… determine the adjusted amount of net income at year-end.
Your numbers will vary.