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How does a classified balance sheet differ from a unclassified balance sheet?
Wiki User
∙ 12y ago
A classified balance sheet is a balance sheet in which assets and liabilities are subdivided into current and long-term categories.
soooo if that's a classified balance sheet an unclassified would have to be one that has its assets and liabilities and everything but they are not grouped further within themselves. Meaning that there is no order within assets as to which they are listed I suppose.
**Note: I copied & pasted this answer from another website.
Wiki User
∙ 12y ago
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What is the Difference between classified balance sheet and unclassified balance sheet?
A classified balance sheet allows the readers to determine the working capital of the company by separating the current portion of assets and liabilities from the non-current portion. An unclassified balance sheet does not distinguish the difference between current and non-current for the assets and liabilities (therefore working capital is not available to the reader). GAAP suggests that most companies use a classified balance sheet unless the classification distinction provides little to no relevance for the audience of the financial statements. See SFAS 6 paragraph 7.
Where do you place vehicles in classified balance sheet?
Assest side of balance sheet
What is classified balance sheet?
Classified balance sheet shows items in classification like current assets, non-current assets etc.
Does Nike use a classified balance sheet?
yes
Inventory on a classified balance sheet?
Inventory is par to current asset at asset side in classified balance sheet as inventory is used within one fiscal year.
Classified balance sheet?
Classified balance sheet is that one in which different sections like current assets, fixed assets, other assets, liabilities and capital is shown.
What should rent be classified as on a balance sheet?
Rent is not a balance sheet account, it is an expense, hence an income statement account.
How does a proprietorship balance sheet differ from a corporation's balance sheet?
There is only one difference that in proprietor balance sheet there is only owner's capital while in corporate balance sheet there is share holders capital as well.
Merchandise inventory is classified on the balance sheet as a?
Current Asset
Where do you place franchise in a classified balance sheet?
intangible asset
How is merchandise inventory classified on the balance sheet?
As a current asset
Where do you place mortgage payable in a classified balance sheet?
In the liabilities section
