Identify the section of the balance sheet in which the following accounts would be located: Current Assets

Question:

Identify the section of the in which the following accounts would be located: Current Assets (CA), Long-Term Assets (LTA), Current Liabilities (CL), or Long-Term Liabilities (LTL).
_____ 1. Bonds Payable (due in 4 years)
_____ 2. Interest Payable
_____3. Leased Equipment
_____4. Discount on Bonds Payable
____ 5. Accumulated Depreciation on Leased Equipment
_____6. Lease Payable (due in four years)
_____7. Mortgage Notes Payable (due in 10 years)

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...