Unformatted text preview: Cash surrender value of life insurance would also go under investments. Reserve for income taxes should be titled income taxes payable. Customer accounts with a credit balance can be deducted from accounts receivable. Such a small amount can be done behind the scene and does not need to be on the balance sheet. Bonds payable could be listed as current if they are due within the year; otherwise this is correct in long term liabilities. Capital stock should not be the heading under liabilities it should be Stockholders Equity. Capital stock does not state if preferred or common stock, the par value price, the number authorized and the number of shares issued. Earned surplus should be replaced with retained earnings. Cash dividends declared should be replaced with dividends payable and listed under current liabilities....
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This note was uploaded on 01/13/2011 for the course ACT Ac 551 taught by Professor George during the Spring '10 term at DeVry Chicago.
- Spring '10
- Balance Sheet