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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
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, indicate that instead. Answer is not complete. Account Title Classification Account Title Plant assets 11. Supplies 1. Machinery 2. Salaries payable 3. Merchandise inventory 4. Interest receivable 5. Rental revenue 6. Unearned revenue 7. Accounts receivable Classification Not on balance sheet Current liabilities Current assets Current assets Current liabilities Current liabilities Current assets Current liabilities Current liabilities 12. Goodwill 13. Office supplies 14. Franchises 15. Store supplies 16. Copyrights 19. Cash 20. Patents Current assets Current assets 17. Prepaid Insurance (expires in 5 months) Current assets 18. Trademarks Current assets 8. Accounts payable 9. Short-term investments 10. Taxes payable (Due in 5 weeks) Current liabilities
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