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Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance sheet, indicate that instead. 1. 5. 6. 7. 8. 9. 10. Taxes payable (due in 5 weeks) Automobiles Notes payable (due in 3 years) Accounts payable Cash Patents Long-term investment in stock 2. Depreciation expense-Building 11. Unearned services revenue 3. Prepaid rent (2 months of rent) 12. Trucks 4. Interest receivable 13. Prepaid insurance (expires in 5 months)
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