Balance sheet format balance sheet format classified

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Unformatted text preview: ication Exercise Account Classification (a) Investment in preferred stock (a) Current asset/Investment (b) Treasury stock (b) Stockholders’ Equity (c) Common stock (c) Stockholders’ Equity (d) Cash dividends payable (d) Current liability (e) Accumulated depreciation (e) Contra­asset (f) Interest payable (f) (g) Deficit (g) Stockholders’ Equity (h) Trading securities (h) Current asset (i) (i) Chapter 5-33 Unearned revenue Current liability Current liability LO 2 Identify the major classifications of the balance sheet. Balance Sheet -- Format Balance Sheet Format Classified Balance Sheet Account form Report form Accounting Trends and Techniques—2007 (New York: AICPA) indicates that all of the 600 companies surveyed use either the “report form” (524) or the “account form” (76), sometimes collectively referred to as the “customary form.” Chapter 5-34 LO 3 Prepare a classified balance sheet using the report and account formats. Balance Sheet -- Format Balance Sheet Format Account Form Chapter 5-35 Illustration 5-16 LO 3 Prepare a classified balance sheet using the report and account formats. Illustration 5-16 Balance Sheet Balance Sheet Balance Balance -Format --Format Format -Format Report Form Chapter 5-36 LO 3 Additional Information Reported Additional Information Reported There are normally four types of information that are supplemental to account titles and amounts presented in the balance sheet: Contingencies Accounting Policies Contractual Situations Fair Values Chapter 5-37 LO 4 Determine which balance sheet information LO requires supplemental disclosure. requires Techniques of Disclosure Techniques of Disclosure Parenthetical Explanations Notes Cross­Reference and Contra Items Supporting Schedules Terminology Chapter 5-38 LO 5 Describe the major disclosure techniques for the balance sheet....
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