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21) Under which of the following categories would Accounts Payable appear?

A) Long-term assets

B) Current assets

C) Long-term liabilities

D) Current liabilities

22) Which of the following is a plant asset?

A) Equipment

B) Patents

C) Trademark

D) Accounts Receivable

23) The Notes Payable that are due within two years are classified as:

A) current liabilities.

B) current assets.

C) long-term liabilities.

D) long-term assets.

24) The assets which do not have a physical form are called:

A) current assets.

B) intangible assets.

C) long-term investments.

D) mortgaged investments.

25) Which of the following is an example of an intangible asset?

A) Equipment

B) Plant

C) Property

D) Copyright

26) A balance sheet that lists the assets above the liabilities and owner's equity sections is a(n):

A) report form balance sheet.

B) unclassified form balance sheet.

C) account form balance sheet.

D) audited form balance sheet.

27) Buildings, land, and equipment are classified as:

A) current assets.

B) long-term assets.

C) current liabilities.

D) long-term liabilities.

28) Which of the following would be considered a long-term asset?

A) Accounts Payable

B) Land

C) Cash

D) Owner's Name, Capital

29) The balances of select accounts of Sandra Company as at December 31, 2015 are given below:

Debit

Credit

Building

$120,000

Cash

5,000

Office Supplies

700

Furniture

3,000

Prepaid Insurance

450

Accumulated Depreciation—Furniture

$1,000

Land

35,000

Accumulated Depreciation—Building

4,800

Accounts Receivable

2,500

The insurance has been prepaid for the next half year. What are the total current assets that would be shown on the balance sheet?

A) $10,500

B) $5,700

C) $8,650

D) $6,150

30) The balances of select accounts of Sandra Company as at December 31, 2015 are given below:

Debit

Credit

Building

$120,000

Cash

5,000

Office Supplies

700

Furniture

3,000

Prepaid Insurance

450

Accumulated Depreciation—Furniture

$1,000

Land

35,000

Accumulated Depreciation—Building

4,800

Accounts Receivable

2,500

What are the total long-term assets that would be shown on the balance sheet?

A) $120,000

B) $152,200

C) $155,000

D) $158,000

Solution
5 (1 Ratings )

Solved
Accounting 2 Months Ago 6 Views
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