Question

Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. For each of the accounts below, indicate the proper balance sheet classification.
Balance Sheet Accounts
Balance Sheet Classification
(a) Investment in Preferred Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(b) Treasury Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(c) Common Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(d) Dividends Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(e) Accumulated Depreciation-Equipment.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(f)(1) Construction in Process (Constructed for another party).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(f)(2) Construction in Process (Constructed for the use of Deep Blue Something, Inc.).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(g) Petty Cash.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(h) Interest Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(i) Deficit.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(j) Equity Investments (trading).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(k) Income Taxes Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(l) Unearned Subscription Revenue.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(m) Work in Process.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(n) Salaries and Wages Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity

Answer 1

Answer

S/N   Balance Sheet Accounts            Balance Sheet Classification

(a)  Investment in Preferred Stock     Current Asset

(b)  Treasury Stock                              Shareholders’ Equity

(c)  Common Stock                              Shareholders’ Equity

(d)  Dividends Payable                         Current Liability

(e)  Accumulated Depreciation           Property, Plant, and Equipment

     -Equipment  

(f)-1 Construction in Process                 Current Assets

      (Constructed for another party).  

(f)-2 Construction in Process                Property, Plant, and Equipment

     (Constructed for the use of Deep Blue Something, Inc.).

(g)    Petty Cash.                                    Current Assets

(h)    Interest Payable                            Current Liability

(i)     Deficit                                             Retained Earning

(j)     Equity Investments (trading)         Current Assets

(k)    Income Taxes Payable                   Current Liability

(l)     Unearned Subscription Revenue  Current Liability

(m)   Work in Process                              Current Assets

(n) Salaries and Wages Payable         Current Liability