The following accounts appear in an adjusted trial balance of Fastback Consulting. Indicate whether each account would

Question:

The following accounts appear in an adjusted trial balance of Fastback Consulting. Indicate whether each account would be reported in the
(a) Current asset;
(b) Property, plant, and equipment;
(c) Current liability;
(d) Long-term liability; or
(e) Owner's equity section of the December 31, 2007, of Fastback Consulting.
1. Accounts Payable
2. Accounts Receivable
3. Glen Moore, Capital
4. Wages Payable
5. Note Payable (due in 2014)
6. Cash
7. Supplies
8. Accumulated Depreciation-Building

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...