E $3-2$ Balance sheet classification

The following are the typical classifications used in a balance sheet:

a$)$ Current assets

b$)$ Investments and funds

c$)$ Property, plant, and equipment

d$)$ Intangible assets

e$)$ Other assets

f$)$ Current liabilities

g$)$ Long$-$term liabilities

h$)$ Paid$-$in$-$capital

i$)$ Retained earnings

Required: For each of the following balance sheet items, use the letters above to indicate the

appropriate classification category. If the item is a contra account, place a minus sign before the

chosen letter.

Equipment

Accounts payable

Allowance for uncollectible accounts

Land, held for investment

Note payable, due in $5$ years

Deferred rent revenue for the next $12$ months

Note payable, due in $6$ months

Income less dividends, accumulated

Investment in XYZ Corp., long$-$term

Inventories

Patent

Land, in use

Accrued liabilities

prepaid rent for the next $9$ months

Common stock

Building, in use

Cash

Taxes payable