, Intermediate Accounting I, Week 3, Project

, Intermediate Accounting I, Week 3, Project - November 15,...

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November 15, 2009 Project 1 Week 3 1. Fixed assets should not be listed first on the balance sheet. Current assets should be listed first. 2. The current assets section is not in order of liquidity and it should be. 3. Treasury stock should not be listed as a current asset. It belongs in the stockholder’s equity section as a contra account. 4. Advances to salespersons, prepaid rent, and returnable containers should be classified as current assets. 5. Factory supplies should not be listed under fixed assets, but should be classified as a current asset. 6. Allowance for doubtful accounts should be listed under current assets as a contra account to accounts receivable. 7. There should be an investments section listed after total assets and plant site held for future use should be listed in this section. 8. There should be a PPE section after total investments, with land and buildings listed separately. 9.
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, Intermediate Accounting I, Week 3, Project - November 15,...

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