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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. a) Commissions revenue b) Interest receivable c) Long-term investment in stock d) Prepaid insurance (4 months of rent) e) Machinery f) Notes payable (due in 15 years) g) Copyrights h) Rent payable i) Trucks j) Office equipment k) Rent receivable 1) Salaries payable m) Income taxes payable (due in 11 weeks) n) Patents 0) Office supplies p) Interest payable q) Rent revenue r) Notes receivable (due in 10 years) s) Land t) Depreciation expense-Trucks
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