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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 sheet, indicate that instead. Account Title 1. Prepaid rent (2 months of Rent) 2. Equipment 3. Repairs expense 4. Land 5. Depreciation expense-Building 6. Office equipment 7. Accounts payable 8. Buildings 9. Bonds payable (due in 10 years) 10. Trucks Classification Current assets Account Title 11. Mortgages payable (due in 6 years) 12. Automobiles 13. Notes payable (due in 3 years) 14. Utilities expense 15. Services revenue 16. Notes receivable (due in 2 years) 17. Interest payable (due in 1 week) 18. Long-term investment in stock 19. Wages payable 20. Office supplies Classification

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 sheet, indicate that instead. Account Title 1. Prepaid rent (2 months of Rent) 2. Equipment 3. Repairs expense 4. Land 5. Depreciation expense-Building 6. Office equipment 7. Accounts payable 8. Buildings 9. Bonds payable (due in 10 years) 10. Trucks Classification Current assets Account Title 11. Mortgages payable (due in 6 years) 12. Automobiles 13. Notes payable (due in 3 years) 14. Utilities expense 15. Services revenue 16. Notes receivable (due in 2 years) 17. Interest payable (due in 1 week) 18. Long-term investment in stock 19. Wages payable 20. Office supplies Classification

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets Current LiabilitiesLong-Term Liabilities, and EquityFor each of the following items, Identify the balance sheet category where the item typically would best appearIf an item does not appear on the balance sheetIndicate that instead.
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 sheet, indicate that instead. Account Title 1. Prepaid rent (2 months of Rent) 2. Equipment 3. Repairs expense 4. Land 5. Depreciation expense-Building 6. Office equipment 7. Accounts payable 8. Buildings 9. Bonds payable (due in 10 years) 10. Trucks Classification Current assets Search Saved Account Title 11. Mortgages payable (due in 6 years) 12. Automobiles 13. Notes payable (due in 3 years) 14. Utilities expense 15. Services revenue 16. Notes receivable (due in 2 years) 17. Interest payable (due in 1 week) 18. Long-term investment in stock 19. Wages payable 20. Office supplies < Prev 6 of 7 # Next > Classification
Transcribed Image Text: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 sheet, indicate that instead. Account Title 1. Prepaid rent (2 months of Rent) 2. Equipment 3. Repairs expense 4. Land 5. Depreciation expense-Building 6. Office equipment 7. Accounts payable 8. Buildings 9. Bonds payable (due in 10 years) 10. Trucks Classification Current assets Search Saved Account Title 11. Mortgages payable (due in 6 years) 12. Automobiles 13. Notes payable (due in 3 years) 14. Utilities expense 15. Services revenue 16. Notes receivable (due in 2 years) 17. Interest payable (due in 1 week) 18. Long-term investment in stock 19. Wages payable 20. Office supplies < Prev 6 of 7 # Next > Classification
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