The balance sheet contains the following major sections A. Curre


Question Description:

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The balance sheet contains the following major sections A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Long-term liabilities H. Other liabilities I. Contributed capital J. Retained earnings K. Accumulated other comprehensive income Required The following is a list of several accounts. Using the letters A through K, indicate in which section of the balance sheet each of the accounts would be classified. Place a check mark (() beside each item that is a contra account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain. __________1. Cash __________2. Bonds payable (due in 8 years) __________3. Machinery __________4. Deficit __________5. Unexpired insurance __________6. Franchise (net) __________7. Fund to retire preferred stock __________8. Current portion of mortgage payable __________9. Accumulated depreciation __________10. Copyrights __________11. Investment in held-to-maturity bonds __________12. Allowance for doubtful accounts __________13. Notes receivable (due in 3 years) __________14. Property taxes payable __________15. Deferred taxes payable __________16. Premium on preferred stock __________17. Premium on bonds payable (due in 8 years) __________18. Work in process __________19. Common stock, $1 par __________20. Land __________21. Treasury stock (at cost) __________22. Unrealized increase in value of available-for-sale securities

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