Chapter 4, Problem 9QS

Classifying balance sheet items C3

The following are common categories on a classified balance sheet.

A. Current assets

B. Long-term investments

C. Plant assets

D. Intangible assets

E. Current liabilities

F. Long-term liabilities

For each of the following items, select the letter that identifies the balance sheet category where the item typically would best appear.

______ 1. Land held for future expansion

______ 2. Notes payable (due in five years)

______ 3. Accounts receivable

______ 4. Trademarks

______ 5. Accounts payable

______ 6. Store equipment

______ 7. Wages payable

______ 8. Cash