1-5 - Explain the concept of equity. 1-6=Identify the category on the Balance Sheet (Current Assets, Non-Current Assets, Current Liabilities, Non-Current Liabilities, Equity) in which each of these items is located. Accounts Receivable Fences Barns Insurance paid for in advance Bill owed to utility company Land Breeding cattle Machinery Cash Shed Debt owed to bank for Tractors 30-year mortgage on land Feed Inventory Vehicles