Classifying financial statement accounts. The balance sheet or income statement classifies various items in one of the following ways:

CA—Cunent assets NA—Noncurrent assets CL—Cunent liabilities NL—Noncurrent liabilities CC—Contributed capital RE—Retained earnings NT—Income statement item (revenue or expense)

X—Item generally not appearing on a balance sheet or an income statement Using the letters, indicate the classification of each of the following items;

a. Factory

b. Interest revenue

c. Common stock issued by a corporation

d. Goodwill developed by a firm (see glossary)

e. Automobiles used by sales staff

f. Cash on hand g. Unsettled damage suit against a firm h. Commissions earned by sales staff i. Supplies inventory j. Note payable, due in three months k. Increase in market \alue of land held I. Dividends m. Employee payroll taxes payable n. Note payable, due in six years