Harrys Clothing, Inc. used the following headings on the companys December 31, 2018 balance sheet: (A) Current assets (B) Long-term investments (C) Property and equipment
Harrys Clothing, Inc. used the following headings on the companys December 31, 2018 balance sheet:
(A) Current assets (B) Long-term investments (C) Property and equipment (D) Intangible assets (E) Other assets (F) Current liabilities (G) Long-term debt (H) Shareholders equity
Required: For each of the following items, indicate its normal balance sheet classification category. Use (NA) for items that would not appear on the face of the balance sheet, but would be discussed in the notes to the financial statements.
_____ 1. Accounts receivable
_____ 2. Accrued interest on notes payable (2019 maturity)
_____ 3. Accumulated depreciation
_____ 4. Goodwill
_____ 5. Preferred stock
_____ 6. Common stock
_____ 7. Customer deposits on products to be shipped in a few months
_____ 8. Depreciation methods and estimated lives of equipment
_____ 9. Prepaid insurance
_____ 10. Assets (surplus production equipment) held for sale
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