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The sub-classifications for assets on the company- classified statement of financial position



1.	The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
Accounts payable	¥  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	210,000
Insurance expense	3,000
Note payable, due 6/30/12	70,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000
What are total Non-current liabilities at December 31, 2011?
a.	¥0
b.	¥70,000
c.	¥88,000
d.	¥90,000

2.	The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
Accounts payable	¥  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	190,000
Insurance expense	3,000
Note payable, due 6/30/12	70,000
Patents	20,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000
What is total equity and liabilities at December 31, 2011?
a.	¥176,000
b.	¥190,000
c.	¥218,000
d.	¥232,000

3.	The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
Accounts payable	¥  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	190,000
Insurance expense	3,000
Note payable, due 6/30/12	70,000
Patent	20,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000
The sub-classifications for assets on the company- classified statement of financial position would include all of the following except:
a.	Current Assets.
b.	Property, Plant, and Equipment.
c.	Intangible Assets.
d.	Long-term Assets.

4.	The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
Accounts payable	$  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	210,000
          Insurance expense	3,000
Note payable, due 6/30/12	70,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000
The current assets should be listed on Dinkel- statement of financial position in the following order:
a.	accounts receivable, prepaid insurance, equipment, cash.
b.	accounts receivable, prepaid insurance, supplies, cash.
c.	prepaid insurance, supplies, accounts, receivable, cash.
d.	equipment, supplies, prepaid insurance, accounts receivable, cash.

5.	Which statement about long-term investments is not true?
a.	They will be held for more than one year.
b.	They are not currently used in the operation of the business.
c.	They include investments in stock of other companies and land held for future use.
d.	They can never include cash accounts.



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