Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the two columns for Classification. I have given my guess, I want to ensure my understanding of the material. Common categories of a

Please answer the two columns for "Classification". I have given my guess, I want to ensure my understanding of the material. image text in transcribed

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 sheet, indicate that instead. Account Title Classification Account Title Classification 1. Office equipment Plant assets 11. Notes receivable (due in 2 years) Intangible assets Plant assets Current liabilities Current assets Current liabilities 2. Depreciation expense-Building 3. Buildings 4. Bonds payable (due in 10 years) 5. Trucks 6. Mortgages payable (due in 6 years) 7. Automobiles 8. Notes payable (due in 3 years) 12. Interest payable (due in 1 week) 13. Long-term investment in stock 14. Wages payable 15. Office supplies 16. Salaries payable 17. Merchandise inventory 18. Unearned revenue Plant assets Long-term liabilities Plant assets Long-term liabilities Plant assets Long-term liabilities Equity Equity Current assets Current liabilities Current assets Current liabilities Equity 9. Utilities expense 19. Rental revenue 10. Services revenue 20. Accounts payable Current liabilities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What The Numbers Mean

Authors: David Marshall, Wayne William McManus, Daniel Viele

6th Edition

0072834641, 978-0072834642

More Books

Students also viewed these Accounting questions

Question

c. Acafeteriawhere healthy, nutritionally balanced foods are served

Answered: 1 week ago

Question

c. What steps can you take to help eliminate the stress?

Answered: 1 week ago