Match the title of the account to the place where that account title is most likely to be presented on a balance sheet. The following accounts are in the chart of accounts of Autotown, Inc., a company that sells used cars. Autotown is preparing its balance sheet as of December 31, Year6. All accounts have normal balances. Choose the classification (1-5) that matches the account according to the section directions. You may use the classification more than once or not at all. Used cars (for resale) Accumulated other comprehensive income Depreciation expense Utilities payable Land (where the car lot exists) 3-year Note payable due 10/1/Year7 18 month Note payable borrowed on 11/1/Year6 (so due 6/1/Year8) Common stock current asset current liability noncurrent asset none of the other choices (equity or not a balance sheet account) noncurrent liability When a business writes-off the account of a customer who purchased services several years ago, it would reduce accounts receivable and reduce equity (by recording bad debt expense). True False Kneado Co. has the following normal account balances on its published financial statements for the year ended December 31, Year3: How mu Ch does Kneado Co. "expect to collect" of the accounts receivable at 12/31/Year3? $73,000 $115,000 $93,000 $95,000 Use these facts for this question and the following two questions. Patriots Corp. reported the following account balances (always assume account balances are "normal" unless a problem tells you otherwise.): What is the net realizable value of accounts receivable at January 1, Year3 (the beginning of the accounting period)? See Patriots Corp. question setup. What is the balance in accounts receivable at 12/31/Year3 (before any adjusting entries)? 377,200 80, 000 27,200 107,200 110, 000