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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.