Question

Problem 4-3A (Static) Determining balance sheet classifications LO C1 Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title Classification Account Title 1. Long-term investment in stock 2. Depreciation expense\textendash{}Building 3. Prepaid rent (2 months of rent) 4. Interest receivable 5. Taxes payable (due in 5 weeks) 6. Automobiles 7. Notes payable (due in 3 years) 8. Accounts payable 9. Cash 10. Patents 11. Unearned services revenue 12. Accumulated depreciation\textendash{}Trucks 13. Prepaid insurance (expires in 5 months) 14. Buildings 15. Store supplies 16. Office equipment 17. Land 18. Repairs expense 19. Office supplies 20. Wages payable Classification Current assets

          Problem 4-3A (Static) Determining balance sheet classifications LO C1
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Account Title
Classification
Account Title
1. Long-term investment in stock
2. Depreciation expense\textendash{}Building
3. Prepaid rent (2 months of rent)
4. Interest receivable
5. Taxes payable (due in 5 weeks)
6. Automobiles
7. Notes payable (due in 3 years)
8. Accounts payable
9. Cash
10. Patents
11. Unearned services revenue
12. Accumulated depreciation\textendash{}Trucks
13. Prepaid insurance (expires in 5 months)
14. Buildings
15. Store supplies
16. Office equipment
17. Land
18. Repairs expense
19. Office supplies
20. Wages payable
Classification
Current assets

Problem 4-3A (Static) Determining balance sheet classifications LO C1
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Account Title
Classification
Account Title
1. Long-term investment in stock
2. Depreciation expense–Building
3. Prepaid rent (2 months of rent)
4. Interest receivable
5. Taxes payable (due in 5 weeks)
6. Automobiles
7. Notes payable (due in 3 years)
8. Accounts payable
9. Cash
10. Patents
11. Unearned services revenue
12. Accumulated depreciation–Trucks
13. Prepaid insurance (expires in 5 months)
14. Buildings
15. Store supplies
16. Office equipment
17. Land
18. Repairs expense
19. Office supplies
20. Wages payable
Classification
Current assets

Added by Christopher G.

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