(Classification of Balance Sheet Accounts) Assume that Fielder Enterprises uses the following headings on its balance sheet. (a) Current assets. (f) Current liabilities. (b) Investments. (g) Long-term liabilities. (c) P r opert y , plant, and equipment. (h) Capital stock. (d) Intangible assets. (i) Paid-in capital in excess of pa r . (e) Other assets. (j) Retained earnings. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter N to indicate this fact. If an item need not be reported at all on the balance sheet, use the letter X. 1. Prepaid insurance. 2. Stock owned in a f filiated companies. 3. Unearned service r evenue. 4. Advances to suppliers. 5. Unearned r ent r evenue. 6. P r efer r ed stock. 7 . Additiona l paid-i n capita l o n p r efer r ed stock. 8. Copyrights. 9. Petty cash fund. 10. Sales taxes payable. 1 1. Accrued interest on notes receivable. 12. Twenty-year issue of bonds payable that will mature within the next year. (No sinking fund exists, and refunding is not planned.) 13 . Machinery r eti r ed f r om use and held for sale. 14. Fully dep r eciated machine still in use. 15. Acc r ued inte r est on bonds payable. 16. Salaries that company budget shows will be paid to employees within the next yea r . 17. Discount on bonds payable. (Assume r elated to bonds payable in item 12.) 18. Accumulated dep r eciationbuildings. 19. Noncontrolling interest.
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