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ok Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each
ok Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Long-term investment in stock 2. Depreciation expense-Building Classification Account Title 11. Uneamed services revenue 2. Accumulated depreciation-Trucks 3. Prepaid insurance (expires in 5 months) ht 3. Prepaid rent (2 months of rent) 4. Interest receivable Current assets 4. Buildings ences 5. Taxes payable (due in 5 weeks) 6. Automobiles Current liabilities Equity 7. Notes payable (due in 3 years) 8. Accounts payable 9. Cash 10. Patents Intangible assets 5. Store supplies 6. Office equipment 7. Land 8. Repairs expense 19. Office supplies 20. Wages payable Classification
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