Classification of Balance Sheet Items Assign each of the items given below to the proper balance sheet classification, if appropriate:

. Note payable due in twenty-six months.

. Computer purchased for office use.

. Unpaid wages.

. Magazine subscriptions sold in advance.

. Estimated taxes related to sales of next period.

. Exercise bikes purchased for resale.

. Trademark.

. Shares of preferred stock outstanding.

. Ninety-day certificate of deposit.

10. Undistributed profits from last period.

11. Cash estimated to be received on sales of next period.

12. Delivery truck.

13. Insurance premium paid in advance.

14. Taxes withheld from employees’ pay.

15. Amounts not yet collected from sales of inventory.

OoNDNMN WN

\O The following balance sheet classifications should be used:

CA = Current asset PPE = Property, plant, and equipment IA = Intangible asset CL = Current liability LTL = Long-term liability OE = Owners’ equity NA = Nota balance sheet item