The major balance sheet classifications are listed in E2-1.

Instructions Classify each of the following financial statement items based upon the major balance sheet classifications listed in E2-1.

____ Prepaid advertising ____ Patents ____ Equipment ____ Bonds payable ____ Trademarks ____ Common stock ____ Salaries and wages payable ____ Accumulated depreciation—

____ Income taxes payable equipment ____ Retained earnings ____ Unearned sales revenue ____ Accounts receivable ____ Inventory ____ Land (held for future use)

AppendixLO1