All of the following are on an unclassified balance sheet: (Check all that apply).
Question
All of the following are on an unclassified balance sheet: (Check all that apply).
Solution
An unclassified balance sheet typically includes the following components:
-
Assets: This section lists all the resources owned by the company. It includes:
- Cash
- Accounts Receivable
- Inventory
- Equipment
- Property
-
Liabilities: This section lists all the obligations or debts the company owes. It includes:
- Accounts Payable
- Notes Payable
- Accrued Liabilities
-
Equity: This section represents the owner's claims after all liabilities have been settled. It includes:
- Common Stock
- Retained Earnings
An unclassified balance sheet does not categorize assets and liabilities into current and non-current. Instead, it presents them in a simple, straightforward manner without further breakdown.
Similar Questions
Describe an unclassified balance sheet.:
Which of the following accounts would not appear on a balance sheet?
Which of the following would you NOT expect to see on a balance sheet?Group of answer choicesLiabilitiesCapitalExpensesCash
The classified Balance Sheet will subsection the assets section as follows
Which item would not appear on a Balance Sheet?1 pointRetained EarningsAccounts Receivable Prepaid expenses Interest Payable Gross Profit
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