Instructions For each of the accounts above, indicate the proper balance sheet classification. In the case of borderline items, indicate the additional information that would be required to determine the proper classification. E5.2(LO 1,2) (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Company's balance sheet. f. Current liabilities a. Current assets b. Investments g. Noncurrent liabilities. h. Capital stock c. Property,plant, and equipment. i. Additional paid-in capital. j.Retained earnings. d. Intangible assets. e. Other assets Instructions Indicate by letter where each of the following items would be classified. 8. Premium on bonds payable. 1. Preferred stock. 9. Allowance for doubtful accounts. 2. Goodwill 10. Accounts receivable. 3. Salaries and wages payable. 11. Cash surrender value of life insurance. 4. Accounts payable. 12. Notes payable (due next year). 5. Buildings 13. Supplies 6. Equity investments (to be sold within one year). 14. Common stock 7. Current maturity of long-term debt. R 5 Balance Sheet and Statement of Cash Flows 18. Prepaid insurance. 15. Land. 19. Bonds payable. 16. Bond sinking fund. 20. Income taxes payable. 17. Inventory