QUESTION 25 Depreciation expense and Accumulated Depreciation are classified, respectively, as O a. expense and contra asset O b. asset and liability Oc. revenue and asset Od asset and expense QUESTION 26 A classified balance sheet list assets and liabilities in order of liquidity. Which of the following would be the likely ordering of the following items? O a. cash, land, accounts receivable Ob. long-term notes payable, accounts payable, wage payable. Oc cash, prepaid insurance, equipment O d. accounts payable, building, interest payable QUESTION 27 When cash is received in payment of an account receivable, how is the balance sheet affected? Oa. accounts receivable increases and revenues increase Ob.cash increases and accounts receivable increases Oc cash increases and accounts receivables decreases Od.cash increases and retained eamings increases QUESTION 28 The ending balance on the Statement of Stockholders Equity can also be found on which financial statement? Ox The income statement Ob.the balance sheet Oc the statement of cash flows Od is only found on the statement of retained earnings. QUESTION 29 Which of the flowing Rans would NOT be dassified as long-term asset? Oa buildings inventury 92100 Olement