Classifications on Balance Sheet A balance sheet may contain the following major sections A Current assets B Long term investments C Property, plant, and equipment D Intangible assets E Other assets F Current liabilities G Long term liabilities H Other liabilities I Contributed capital J Retained e...

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Classifications on Balance Sheet A balance sheet may contain the following major sections: A. Current assets B.

Question:

Classifications on A may contain the following major sections:
A. Current assets
B. Long-term investments
C. Property, plant, and equipment
D.
E. Other assets
F. Current liabilities
G. Long-term liabilities
H. Other liabilities
I. Contributed capital
J. Retained earnings
K. Accumulated other comprehensive income

Required
The following is a list of fifteen accounts. Using the letters A through K, indicate in which section of the each account would most likely be classified. Place a check mark (() beside each item that is a contra account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain.
______1. Temporary investments in marketable securities
______2. Discount on bonds payable (bonds due in 5 years)
______3. Additional paid-in capital on common stock
______4.
______5. Notes payable (due in 5 years)
______6. Patents (net)
______7. Unrealized decrease in value of available-for-sale securities
______8. Preferred stock
______9. Unearned rent (to be earned within next 6 months)
______10. Accrued pension cost
______11. Trademarks
______12. Deficit
______13. Salaries payable
______14. Land
______15. Investment in Ace Company preferred stock (to be held for 3 years)

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