Exercise 5-1

Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. For each of the accounts below, indicate the proper balance sheet classification.

		Balance Sheet Accounts		Balance Sheet Classification
(a)		Investment in Preferred Stock.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(b)		Treasury Stock.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(c)		Common Stock.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(d)		Dividends Payable.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(e)		Accumulated Depreciation-Equipment.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(f)(1)		Construction in Process (Constructed for another party).		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(f)(2)		Construction in Process (Constructed for the use of Deep Blue Something, Inc.).		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(g)		Petty Cash.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(h)		Interest Payable.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(i)		Deficit.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(j)		Equity Investments (trading).		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(k)		Income Taxes Payable.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(l)		Unearned Subscription Revenue.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(m)		Work in Process.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
(n)		Salaries and Wages Payable.		Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity