The following are categories on a classified balance sheet:
a. Current assets
b. Long-term investments
c. Property, plant and equipment
d. Intangible assets
e. Current liabilities
f. Long-term liabilities
For each of the following items, select the letter that identifies the balance sheet category in which the item should appear.
______ 1. Store equipment
______ 2. Wages payable
______ 3. Cash
______ 4. Notes payable (due in three years)
______ 5. Land not currently used in business operations
______ 6. Accounts receivable
______ 7. Trademarks