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Question 6) The following are the major balance sheet classifications: Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA)
Question 6) The following are the major balance sheet classifications: Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Current Liabilities (CL) Long-term liabilities (LTL) Stockholders' equity (SE) Instructions: Classify each of the following financial statement items based upon the major balance sheet classifications seen above. a) Prepaid advertising b) Equipment c) Trademarks d) Salaries and wages payable e) Income taxes payable f) Retained earnings g) Accounts receivables h) Patents i) Bonds payable j) Common stock k) Accumulated depreciation - equipment 1) Unearned sales revenue m) Inventory n) Land (held for future use)
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