Assets and liablities are classified on the balance sheet into correct and long-term categories in order to   a. determine the value of the business b. determine the cash flows of the business c. yield information about liquidity d. distinguish them from extraordinary items

(participation expected < You would find asset, liability, and equity accounts on which of the following statements? OA. Statement of cash flows B. Balance sheet OC. Statement of retained earnings OD. Income statement

The following classification scheme typically is used in the preparation of a balance sheet: a. Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Contributed capital i. Retained earnings Required: Using the letters above and the format below, indicate the balance sheet category from the dropdown listing in which an entity typically would place each of the following items. Contra accounts should be indicated by the corresponding dropdown choice shown with parentheses. (If an Item relates to more than one balance sheet category, select the dropdown option that represents all applicable categories.) 1. Long-term receivables 2. Accumulated amortization 3. Current maturities of long-term debt 4. Notes payable (short-term) 5. Accrued payroll taxes 6. Leasehold improvements 7. 8. Machinery 9. Common stock 10. Short-term investments 11. Deferred tax liability Retained earnings appropriated for…

Indicate in which financial statement each item would most likely appear: income statement (I), balancesheet (B), or statement of cash flows (CF). Equipment