Exercise 5-2 Presented below are the captions of Faulk Company's balance sheet. Indicate where each of the following items would be classified Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable 4. Accounts payable. 5. Buildings 6. Equity Investments (to be sold within one year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance, 12. Notes payable (due next year). 13. Supplies 14. Common stock v 15. Land. 16. Bond sinking fund. 17. Inventory 18. Prepaid insurance 19. Bonds payable. 20. Income taxes payable