Question
Classify each of the following accounts taken from Faust Companys balance sheet. Accounts payable select a balance sheet item Property, Plant, and Equipment, Current Liabilities,
Classify each of the following accounts taken from Faust Companys balance sheet.
| Accounts payable | select a balance sheet item Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
|---|---|---|
| Accounts receivable | select a balance sheet item Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Cash | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| L. Dawn, capital | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Patents | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Salaries payable | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Merchandise inventory | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Short-term investments (to be sold in 7 months) | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Accumulated depreciationequipment | select a balance sheet item:Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Buildings | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Land (in use) | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Notes payable (due in 2 years) | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Supplies | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Equipment | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities | |
| Prepaid expenses | select a balance sheet item: Property, Plant, and Equipment, Current Liabilities, Current Assets, Long-term Investments, Intangible Assets, Owners Equity, Long-term Liabilities |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Audit Risk Alert Employee Benefit Plans Industry Developments 2019
Authors: AICPA
1st Edition
1948306867, 978-1948306867
