acct2300 at Texas Tech

5. Account Classifications

in Chapter 2 (Problem 5 of 6)
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 2 Problems at Once View
1 Current Assets Easy
2 Effect on the Current Ratio Easy
3 Retained Earnings Easy
4 Solving for Missing Amounts Moderate
5 Account Classifications
You are here. 		Hard
6 Calculating Operating Income Hard
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Chapter 2 Videos

1 Current Assets 9:57
2 Non-Current Assets 10:25
3 Current Liabilities 6:24
4 Non-Current Liabilites 2:00
5 Contributed Capital 5:10
6 The Classified Balance Sheet 4:48
7 The Multistep Income Statement 12:44
8 Retained Earnings vs Shareholder's Equity 6:41
9 Ratios: Working Capital 2:29
10 Ratios: Current Ratio 4:00
11 Gross Profit vs Net Profit 6:15
12 Profit Margin 3:22
Chapter 3 →