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19. Account Classifications

in Chapter 3 (Problem 19 of 24)
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 Effect on the Current Ratio Easy
2 Closing Journal Accounts Easy
3 Revenue Journal Entry Easy
4 Retained Earnings Easy
5 Revenue Recognition Easy
6 Current Assets Easy
7 Adjusting Entry Identification Easy
8 Revenue Recognition Easy
9 Solving for Missing Amounts Moderate
10 Closing Process Moderate
11 Determining Net Income From Journal Entries Moderate
12 Determining Net Income From Transactions Moderate
13 Adjusting Entry - Salaries Payable Moderate
14 Prepaid Rent Moderate
15 Adjusting Entry - Wage Expense Moderate
16 Revenue Recognition Moderate
17 The Effect of Transactions Hard
18 When You Forget to do Adjusting Entries Hard
19 Account Classifications
You are here. 		Hard
20 Revenue and Expense Recognition Hard
21 Calculating Operating Income Hard
22 Adjusting Journal Entries Hard
23 Adjusting Journal Entries Hard
24 Year End Closing & Account Classification Hard
← Chapter 2

Chapter 3 Videos

1 Cash vs. Accrual Accounting 7:21
2 Expense Recognition 8:07
3 Accruals and Deferrals 15:07
4 What is an Adjusting Entry? 4:11
5 Adjusting Entry: Supplies 1:54
6 Adjusting Entry: Wages 4:52
7 Adjusting Entry: Unearned Revenue 2:11
8 Adjusting Entry: Interest 2:03
9 Contra-accounts 4:40
10 Depreciation 7:10
11 Current Assets 9:57
12 Non-Current Assets 10:25
13 Current Liabilities 6:24
14 Non-Current Liabilites 2:00
15 The Classified Balance Sheet 4:48
16 Contributed Capital 5:10
17 Retained Earnings vs Shareholder's Equity 6:41
18 The Multistep Income Statement 12:44
19 The Closing Process 10:37
20 Ratios: Working Capital 2:29
21 Ratios: Current Ratio 4:00
Chapter 4 →