Classifying Statement of Financial Position Items A classified statement of financial position contains the following categories:

- Current assets

- Long-term investments

- Property, plant, and equipment

- Intangible assets

- Other assets

- Current liabilities

- Long-term liabilities

- Shareholders' equity Required:

For each of the following accounts, list the correct balance sheet category where the item would typically appear.

a. Notes Payable (due in five years)

b. Accounts Receivable

c. Patent

d. Prepaid Rent

e. Accumulated Depreciation

f. Common Shares g. Accounts Payable h. Cash i. Unearned Service Revenue j. Equipment OBJECTIVE 6 Brief Exercise