Problem 4-3A (Static) Determining balance sheet classifications LO C1

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.

M 13. Prepaid insurance (expires in 5 months) _ 1. Long-term investment in stock 2. Depreciation expenseBuilding 3. Prepaid rent (2 months of rent) 4. Interest receivable 5. Taxes payable (due in 5 weeks) 6. Automobiles 7. Notes payable (due in 3 years) 8. Accounts payable 10. Patents _20. Wages payable _urrent liabilities