Exercise 1 Classify each of the following items to proper subsection of balance sheet. ITEM 1. Deferred income 2. Finished goods 3. Net sales of finished goods 4. Administrative expenses 5. Issued bonds (5 years to maturity) 6. Goodwill 7. VAT liabilities 8. Loan granted for 3 years 9. Shares of related entities, for resale 10. Third party cheques (to be paid in 4 weeks) 11. Dividends received 12. Provisions for pensions 13. Trade liabilities (payment in 18 months) 14. Net value of vehicles 15. Building under construction SUBSECTION