The following are the major balance sheet classifications.

Current assets (CA) Current liabilities (CL)

Long-term investments (LTI) Long-term liabilities (LTL)

Property, plant, and equipment (PPE) Common stock (CS)

Intangible assets (IA) Retained earnings (RE)

Instructions Classify each of the following accounts taken from Hawthorne Corporation’s balance sheet.

___ Accounts payable and ____ Income taxes payable accrued liabilities _____ Inventories ____ Accounts receivable _____ Investments ____ Accumulated depreciation a3 band ____ Long-term debt ____ Materials and supplies ____ Office equipment and furniture ____. Prepaid expenses ____ Buildings

— Cash and short-term investments ____ Dividends payable

—__ Goodwill