The following are the major balance sheet classifications. Current assets (CA)......... Current liabilities (CL) Long-term investments (LTI).....
Question:
Current assets (CA)......... Current liabilities (CL)
Long-term investments (LTI)..... Long-term liabilities (LTL)
Property, plant, and equipment (PPE)... Owner’s equity (OE)
Intangible assets (IA)
Instructions
Classify each of the following accounts taken from Roberts Company’s balance sheet.
______ Accounts payable ______ Accumulated depreciation
______ Accounts receivable ______ Buildings
______ Cash ______ Land
______ Roberts, Capital ______ Long-term debt
______ Patents ______ Supplies
______ Salaries payable ______ Office equipment
______ Inventories ______ Prepaid expenses
______ Investments
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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...
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CL Accounts payable CA Inventories CA Accounts receivabl...View the full answer
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Related Book For 
Accounting Principles
ISBN: 9780471980193
8th Edition
Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel
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