ACCT 550 Week 3 Homework Assignment

ACCT 550 Week 3 Homework Assignment

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ACCT 550 Week 3 Homework Assignment

E5-2 (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Company’s balance sheet

(a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e) Other assets. Instructions (f) Current liabilities. (g) Noncurrent liabilities. (h) Capital stock. (i) Additional paid-in capital. (j) Retained earnings. Indicate by letter where each of the following items would be classified.

1.     Preferred stock. 2. Goodwill. 3. Salaries and wages payable. 4. Accounts payable. 5. Buildings. 6. Equity investments (trading). 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

E 5-4, E 5-12, E 5-13, P 5-2

E5-13

E5-13 (Statement of Cash Flows—Classifications) The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as:

1.     Operating activity—add to net income.

2.     Operating activity—deduct from net income.

3.     Investing activity.

4.     Financing activity.

5.     Reported as significant noncash activity