Flying High Airlines, a small commuter airline, has the following items on its balance sheet-airplane, fuel truck,

Question:

Flying High Airlines, a small commuter airline, has the following items on its balance sheet-airplane, fuel truck, trademark, baggage handling machine, building, airplane fuel.

Required:
Indicate the proper classification of each item.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...