acct2301 at UT Arlington

16. Account Classifications

in Chapter 3 (Problem 16 of 20)
Accounts payable $12,000 Accounts Receivable 20,900
Furniture 5,000 Accumulated Depreciation 6,500
Building 82,000 Cash 21,500
Common Stock ? Sales Revenue 90,700
Cost of Goods Sold 51,500 Depreciation Expense 1,450
Dividends 6,600 Note Payable (due 3/1 Year 4) 20,000
Marketable Securities 1,400 Prepaid Expenses 18,000
Salaries Payable 2,800 Land 38,000
Note Payable (due 5/30 Year 2) 12,400 Service Revenue 22,550
Retained Earnings (1/1 Year 1 ) 39,700 Salary Expense 18,000
Accrued Expenses Payable 1,500 Unearned Revenue 30,500
Utilities Expense 5,400
  1. Determine Total assets on December 31, Year 1
  2. Determine Current Liabilities on December 31, Year 1
  3. Determine Net Income for the year ended December 31, Year 1
  4. Determine the total amount of Common Stock on December 31, Year 1
Watch Solution (9:57) Hide Solution Reveal Solution
  1. Total Assets - 180,300
  2. Current Liabilities - 59,200
  3. Net Income - 36,900
  4. Common Stock - 31,100

The Rest Of The Practice Problems

Click Here to View All Chapter 3 Problems at Once View
1 Closing Journal Accounts Easy
2 Adjusting Entry Identification Easy
3 Current Assets Easy
4 Revenue Journal Entry Easy
5 Revenue Recognition Easy
6 Revenue Recognition Easy
7 Determining Net Income From Transactions Moderate
8 Revenue Recognition Moderate
9 Adjusting Entry - Wage Expense Moderate
10 Closing Process Moderate
11 Determining Net Income From Journal Entries Moderate
12 Adjusting Entry - Salaries Payable Moderate
13 Prepaid Rent Moderate
14 When You Forget to do Adjusting Entries Hard
15 The Effect of Transactions Hard
16 Account Classifications
You are here. 		Hard
17 Revenue and Expense Recognition Hard
18 Adjusting Journal Entries Hard
19 Adjusting Journal Entries Hard
20 Year End Closing & Account Classification Hard
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Chapter 3 Videos

1 Current Assets 9:57
2 Non-Current Assets 10:25
3 Current Liabilities 6:24
4 Non-Current Liabilites 2:00
5 The Classified Balance Sheet 4:48
6 Cash vs. Accrual Accounting 7:21
7 Expense Recognition 8:07
8 Accruals and Deferrals 15:07
9 What is an Adjusting Entry? 4:11
10 Adjusting Entry: Supplies 1:54
11 Adjusting Entry: Wages 4:52
12 Adjusting Entry: Unearned Revenue 2:11
13 Adjusting Entry: Interest 2:03
14 Contra-accounts 4:40
15 Depreciation 7:10
16 The Closing Process 10:37
Chapter 4 →