ACCT 550 Week 3 Homework Assignment
ACCT 550 Week 3 Homework Assignment
ACCT 550 Week 3 Homework Assignment
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<strong>ACCT</strong> <strong>550</strong> <strong>Week</strong> 3 <strong>Homework</strong> <strong>Assignment</strong><br />
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<strong>ACCT</strong> <strong>550</strong> <strong>Week</strong> 3 <strong>Homework</strong> <strong>Assignment</strong><br />
E5-2 (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk<br />
Company’s balance sheet<br />
(a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e)<br />
Other assets. Instructions (f) Current liabilities. (g) Noncurrent liabilities. (h) Capital stock. (i)<br />
Additional paid-in capital. (j) Retained earnings. Indicate by letter where each of the following<br />
items would be classified.<br />
1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable. 4. Accounts payable. 5.<br />
Buildings. 6. Equity investments (trading). 7. Current maturity of long-term debt. 8.<br />
Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable.<br />
11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13.<br />
Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid<br />
insurance. 19. Bonds payable. 20. Income taxes payable<br />
E 5-4, E 5-12, E 5-13, P 5-2<br />
E5-13<br />
E5-13 (Statement of Cash Flows—Classifications) The major classifications of activities<br />
reported in the statement of cash flows are operating, investing, and financing. Classify each of<br />
the transactions listed below as:<br />
1. Operating activity—add to net income.<br />
2. Operating activity—deduct from net income.<br />
3. Investing activity.<br />
4. Financing activity.<br />
5. Reported as significant noncash activity