Chapter 3: Q9E (page 147)
Question: Use the information in the adjusted trial balance reported in Exercise 3-7 to prepare Wilson Trucking
Company’s classified balance sheet as of December 31, 2017.
Assets and liabilities total is $249,500. Balance sheet shown in step 2.
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In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.
A. Current assets E. Current liabilities
B. Long-term investments F. Long-term liabilities
C. Plant assets G. Equity
D. Intangible assets
17. Rent revenue
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity
18. Repairs expense
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.
A. Current assets E. Current liabilities
B. Long-term investments F. Long-term liabilities
C. Plant assets G. Equity
D. Intangible assets
19. Land (used in operations)
The following are common categories on a classified balance sheet.
A. Current assets D. Intangible assets
B. Long-term investments E. Current liabilities
C. Plant assets F. Long-term liabilities
For each of the following items, select the letter that identifies the balance sheet category where the item
typically would best appear.
1. Land not currently used in operations 5. Accounts payable
2. Notes payable (due in five years) 6. Store equipment
3. Accounts receivable 7. Wages payable
4. Trademarks 8. Cash
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity
20. Current portion of long-term note payable
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