Hasbro, Inc., produces products under several brands including Transformers, Nerf, My Little Pony, and Monopoly. The following

Question:

Hasbro, Inc., produces products under several brands including Transformers, Nerf, My Little Pony, and Monopoly. The following are several of the accounts from a recent balance sheet:
1. Note Payable (short- term)
3. Note Payable (long- term)
5. Income Taxes Payable
6. Equipment
7. Retained Earnings
8. Cash
Required:
1. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability, and SE for stockholders’ equity.
2. Indicate whether the account normally has a debit or credit balance.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...