Can you help me to classify the following accounts in the balance sheet? Please have mercy...please...please.?
Question:
2.) Accrued Interest Recievable 30,000
3.) Authorized Capital Stock 5,000,000
4.) Employees' Retirement Fund 500,000
5.) Investment in Real Estate 700,000
6.) Mortgage Payable 2,000,000
7.) Manufacturing Licenses 370,000
8.) Other Accrued Liabilities 150,000
9.) Stock Subcriptions Recievable 500,000
10.) Subscribed Capital Stock 1,000,000
11.) Unissued Capital stock 2,000,000
PLEASE CLASSIFY THE ACCOUNTS ACCORDING TO THE GENERALLY ACCEPTED ACCOUNTING PRICIPLE OR GAAP. THANKS FOR HELPING WITH ME..GOD BLESS YOU ALWAYS....
Answer:
Which GAAP? US GAAP, Indian GAAP, UK GAAP, Int'l GAAP?
1) Accrued Taxes. Liability (probably current liability)*
2) Accrued interest received. Asset - current*
3) Authorized capital stock: Owners' equity
4) Employees retirement fund - Asset, long-term
5) Investment in real estate - asset, long term (if not for sale)
6) mortgage payable - liablity, long term*
7) Mfg. Lic. - Asset - long term
8) Accrued liabilities - liability (current and non-current)*
9) Stock subscriptions receivable - owners equity
10) Subscribed capital stock - owners' equity
11) Unissued capital stock: trick question. Not on balance sheet
* Not enough info to know if it is current or non-current for sure
assests:
Accrued interest received. 30,000
Investment in real estate 700,000
Mfg. Lic. - Asset 370,000
Employees retirement fund 500,000
---------------
1,600,000
liabilities:
Other Accrued liabilities 150,000
Accrued Taxes 50,000
Mortgage payable 2,000,000
---------------
2,200,000
capital:
Authorized capital stock 5,000,000
Subscribed capital stock 1,000,000
Unissued capital stock 2,000,000
Stock subscriptions receiv 500,000
---------------
8,500,000
you gave unbalanced data. Some amounts are missing.
hope that helps you. Good luck.
More Questions & Answers...