Classifications on Balance Sheet The current balance sheet of J. J. Arvesen Company contains the following major sections: Current assets Long-term investments Property, plant, and equipment Intangible assets Other assets Current liabilities Long-term liabilities Contributed capital Retained earnings Accumulated other comprehensive income The following is a list of accounts in random order. Using the letters A through J, indicate in which section each account would most likely be classified. If an account does not belong under one of the sections listed, select "Not under any of the choices" from the classific

Explanation:

The current balance sheet of J.J. Arvesen Company contains the following major sections:

Current assets     A

Long-term investments     B

Property, plant, and equipment    C

Intangible assets    D

Other assets    E

Current liabilities     F

Long-term liabilities     G

Contributed capital     H

Retained earnings     I

Accumulated other comprehensive income     J

The following is a list of accounts. Using the letters A through J, indicate in which section of the balance sheet each account would most likely be classified. If an account does not belong under one of the sections listed, select "Not under any of the choices" from the classification drop down box. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no".

1. Patents (net)  - Intangible assets    D

2. Income taxes payable - Current liabilities     F  

3. Notes receivable (due in 5 months)- Current assets     A  

4. Unearned rent- Current liabilities     F    

5. Discount on bonds payable (long-term bonds) - Other assets    E  

6. Computer Equipment in the Data processing center - Property, plant, and equipment    C  

7. Furniture - Property, plant, and equipment    C  

8. Land held for future expansion - Property, plant, and equipment    C    

9. Timberland (net) - Property, plant, and equipment    C    

10. Treasury stock, at cost - Contra ''yes'' - Contributed capital     H

11. Advances to sales personnel - "Not under any of the choices"

12. Idle machinery- Property, plant, and equipment    C  

13. Deferred taxes payable - Long-term liabilities     G  

14. Raw materials - Current assets     A

15. Investment in held-to-maturity bonds - Long-term investments     B  

16. Pollution control facilities - Property, plant, and equipment    C    

17. Cash from security deposits of customers on returnable containers -Other assets    E  

18. Donated capital for industrial park building site from Toma City  - Other assets    E

19. Trademarks - Intangible assets    D  

20. Finished goods - Current assets     A

21. Cash dividends payable- Current liabilities     F

22. Bond sinking fund - Other assets    E  

23. Temporary investments  -   Current assets     A

24. Retained earnings - Retained earnings     I  

25. Advances to affiliated company (long-term)- Other assets    E  

26. Cash surrender value of life insurance- Other assets    E  

27. Equipment under capital lease - Other assets    E  

28. Additional paid-in capital on preferred stock - Long-term liabilities     G  

29. Interest receivable (due in 5 months) - Current Assets     A  

30. Office supplies - Current Assets     A  

31. Accrued pension cost - Current liabilities     F  

32. Capital lease obligation- Current liabilities     F  

33. Investment in 8-year certificates of deposit  - Current assets     A  

34. Unearned ticket sales - Current liabilities     F  

35. Estimated warranty (6-months) obligations- Current liabilities     F  

36. Unrealized decrease in value of available-for-sale securities - Accumulated other comprehensive income     J  

37. Cash  - Current Assets A

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.