The following are the typical classifications used in a balance sheet: a. b. Current assets Investments Property, plant, and equipment d. Intangible assets Other assets f. Current liabilities Long-term liabilities h. Paid-in capital i. Retained earnings C. e. Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 1. N 3. 10 11. 12. 13 14 15. 4. Equipment Accounts payable Allowance for uncollectible accounts Land (held for investment) Notes payable (due in 5 years) Deferred revenue (for the next 12 months) Notes payable (due in 6 months) Accumulated amount of net income less dividends Investment in XYZ Corp. (long-term) 5. Inventory Patent Land (used in operations) Accrued liabilities (due in 6 months) Prepaid rent (for the next 9 months) Common stock Building (used in operations) Cash Income taxes payable 6. 7. 16. 8 17 9 18