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 accounts taken from Raman Company's balance sheet.
________ Accounts payable
________ Accounts receivable
________ Cash
________ Common stock
________ Patents
________ Salaries and wages payable
________ Inventory
________ Stock investments
________ (to be sold in 7 months)
________ Accumulated depreciation-equipment
________ Buildings
________ Land (in use)
________ Notes payable (due in 2 years)
________ Supplies
________ Equipment
________ Prepaid expenses