I have a question about Assets and the order of Assets in terms of where they are placed on the Balance Sheet. Investment Funds/Investment in Stock. That is an Asset correct, and a Debit Account? Let's say you have that as an Asset for $56,000. Since there has to be an offsetting credit where would be record that offset?
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- I have a question about the Balance Sheet. Is it true that there are two formats (Account Form and Report Form)?Secondly when listing Assets on the Balance Sheet there is an order to following with assets. Example Current Assets are listed first and in order of liquidity. Then the Long Term Assets. Now where to Tangible and Non Tangible Assets fit into this format?1. For Total current assets (on the Balance Sheet), use an Excel function to calculate the value. 2. For Total fixed assets (on the Balance Sheet), use operation signs to calculate the value. 3. As the CFA for Filler Construction, you notice the given Balance Sheet is suspiciously missing accounts that have an opposite normal balance of otheraccounts in their same category. a. What are these types of accounts called? b. add the following accounts where they should be listed: Allowance forDoubtful Accounts of $50, Accumulated Depreciation of $3450, and Treasury Stock of $450. Note: ensure these values are properly visually denoted ashaving the opposite normal balance. 4. Now you see that it is mising required formatting for a U.S. public company's external financial statement! Add in the required underlines where neededand change the number formatting to meet requirement.5. What is a first "check" to determine if this Balance Sheet is balanced? 6. What are two financial ratios that can…Required: Prepare a Balance sheet in good form (always start with the top row in each section) Put into these categories: Current Assets, Long-Term Investments, PPE, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Stockholders Equity. Also label as debit or credit. The Correct total amount for each category is at the top.
- Direction: Analyze the transactions carefully. Draw four columns as showed in the illustration below. 1. Place the amount on a particular column that affected by the transaction. Use parentheses for decreases. 2. After answering all transactions, compute the total amount of assets, liabilities, and capital. Note: amount with parentheses means deduction in the amount of particular column where it is included. 3. Determine the total assets, same with total liabilities and capital. 4. Add the total liabilities and the total capital. check if assets is equal to liabilities and capital.Do the following: (1) Assign a formula to (1) Tot. current assets, (2) Net fixed assets, (3) Total assets (2) Do the same to other cells if they are calculated. This can vary depending on YOUR financial statements FIN CF and Toves Last Namo vlex (sheet name:Please tell me if the following are an asset, liability or equity account and if they are real or nominal 1) Accounts payable 2) Service fees revenues 3) Tax expense 4) Cash 5) Interest receivable 6) Accounts receivable 7) Smith, drawings 8) Retained earnings 9) Depreciation expense 10) Interest income (also what is interest income? Example? is a DR or CR balance?)
- Analyze the following transactions and identify its effects on assets, liabilities, and capital. Write ? for increase, ? for decrease, NE for No effect and I/D if the effect is only in one major accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear. Financial Statement Code Income Statement I/S Balance Sheet B/S Statement of Owner's Equity O/E b. For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a. Balance Sheet Classification Code Current Assets CA Long-term Investments LTI Property, Plant and Equipment PPE Intangibles I Goodwill G Current Liabilities CL Non-Current Liabilities NCL Owner's Equity OE Not on the Balance Sheet n/a a. b. Accounts in financial statement Financial Statement Balance Sheet Classification Accumulated depreciation – furniture Interest…I have to label the following accounts. I have to specify what type of account they are -Asset, Liability, Equity, Revenue or Expense. Then I have to classify them as Real or Nominal. Here they are1) Accounts Payable2) Service Fees Revenue3) Tax Expense4) Cash5) Accounts Receivable6) Smith, Drawings7) Interest Receivable8) Retained Earnings9) Depreciation Expense10) Interest Income11) Invemtory12) Bonds Payable13) Common Stock14) Prepaid Insurance15) Sales16) Cost of Goods Sold17) Supplies Expense18) Supplies on Hand19) Wages Payable20) Mortgage Payable
- Identify the effect of the account titles in the following transaction choose from the word inside the parenthesis. Support your answer. 1. If assets are recorded on the debit it (increases or decreases)? Why? 2. If liabilities are recorded on the debit side, (increases or decreases)? Why? 3. What happen to capital if there is an income? (increases, decreases)? why? 4. What happen to capital if there is an expense? (increases, decreases)? Why? 5. If there is an owners' drawing, it is (deducted or added) to capital? Why?Identify the best definition. Talking about the balance sheet , the equation "assets - liabilities = equity" Select one: a. Is never correct b. Is correct at the year end c. Is sometimes correct d. Is correct after each transaction is finishedexplain how you apply accounting in your personal life in reference to the following: 1. Give 3 examples of what you would consider to be assets. 2. Give 2 examples of what you would consider to be liabilities. 3. Assign values (they don't need to be actual values) to each of the above and show how you would determine your net worth. 4. What statement would you report all of the above accounts and amounts on? 5. Explain what would cause your net worth to change over the next month?