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chapter_2_solution - Chapter 2 Homework Problems P2-1...

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Chapter 2 Homework Problems P2-1 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances ChevronTexaco Corporation explores, produces, refines, markets, and supplies crude oil, natural gas, and petroleum products in the United States and 24 other countries. The following are accounts from a recent balance sheet of ChevronTexaco Corporation: (1) Cash and Cash Equivalents (9) Accounts Payable (2) Long Term Capital Lease Obligation (10) Marketable Securities (3) Contributed Capital (11) Accounts and Notes Receivable (4) Long-Term Debt (12) Retained Earnings (5) Prepaid Expenses (13) Property, Plant, and Equipment (6) Patents (an intangible asset) (14) Long-Term Investments (7) Federal and Other Taxes Payable (15) Crude Oil and Petroleum Products (8) Material, Supplies, and Other Inventories Required: For each account, indicate how it normally should be categorized on a classified balance sheet. From the "Balance Sheet Categorization" column, state CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability, and SE for stockholders' equity. Also state Debit or Credit in the "Debit or Credit Balance" column if the account normally has a debit or credit balance. Account Balance Sheet Categorization Debit or Credit Balance (1) CA Debit
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(2) NCL Credit (3) SE Credit (4) NCL Credit (5) CA Debit (6) NCA Debit (7) CL Credit (8) CA Debit (9) CL Credit (10) CA Debit (11) CA Debit (12) SE Credit (13) NCA Debit (14) NCA Debit (15) CA Debit E2-4 Determining Financial Statement Effects of Several Transactions
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