Question

The following lettered items represent a classification scheme for a balance sheet, and the numbered items...

The following lettered items represent a classification scheme for a balance sheet, and the numbered items represent data found on balance sheets. In the blank next to each account, write the letter indicating to which category it belongs.

A.

 Current assets

B.

 Investments

C.

 Property, plant, and equipment

D.

 Intangible assets

E.

 Current liabilities

F.

 Long-term liabilities

G.

 Stockholders’ equity

H.

 Not on the balance sheet
1.

Accumulated depreciation-equipment

 select a letter                                                          ABCDEFGH
2.

Common stock

 select a letter                                                          ABCDEFGH
3.

Interest expense

 select a letter                                                          ABCDEFGH
4.

Salaries and wages payable

 select a letter                                                          ABCDEFGH
5.

Retained earnings

 select a letter                                                          ABCDEFGH
6.

Inventory

 select a letter                                                          ABCDEFGH
7.

Patents

 select a letter                                                          ABCDEFGH
8.

Prepaid insurance

 select a letter                                                          ABCDEFGH
9.

Mortgage payable

 select a letter                                                          ABCDEFGH
10.

Land (held for investment)

 select a letter                                                          ABCDEFGH
Business   Accounting   
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Homework Answers

Answer #1
1 Accumulated depreciation-equipment ( C)- Property, plant, and equipment
2 Common stock (G) -Stockholders’ equity
3 Interest expense (H) - Not on the balance sheet
4 Salaries and wages payable (E ) -Current liabilities
5 Retained earnings (G) -Stockholders’ equity
6 Inventory (A)- Current assets
7 Patents (D) -Intangible assets
8 Prepaid insurance (A)- Current assets
9 Mortgage payable (F) -Long-term liabilities
10 Land (held for investment) (B) -Investments
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