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, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue Classification Account Title 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights 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, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue Classification Account Title 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights Classification
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 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, indicate that instead.
Account Title
1. Notes receivable (due in 2 years)
2. Interest payable (due in 1 week)
3. Long-term investment in stock
4. Wages payable
5. Trademarks
6. Salaries payable
7. Merchandise inventory
8. Prepaid Insurance (expires in 5 months)
9. Rental revenue
10. Unearned revenue
Classification
Account Title
11. Accounts receivable
12. Accounts payable
13. Short-term investments
14. Taxes payable (Due in 5 weeks)
15. Supplies
16. Goodwill
17. Office supplies
18. Franchises
19. Store supplies
20. Copyrights
Classification](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F217676ce-6c41-464d-8a32-8b0795f563e2%2F235928b9-9542-4434-b58a-28e3d4641f02%2Fqo19yay_processed.jpeg&w=3840&q=75)
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, indicate that instead.
Account Title
1. Notes receivable (due in 2 years)
2. Interest payable (due in 1 week)
3. Long-term investment in stock
4. Wages payable
5. Trademarks
6. Salaries payable
7. Merchandise inventory
8. Prepaid Insurance (expires in 5 months)
9. Rental revenue
10. Unearned revenue
Classification
Account Title
11. Accounts receivable
12. Accounts payable
13. Short-term investments
14. Taxes payable (Due in 5 weeks)
15. Supplies
16. Goodwill
17. Office supplies
18. Franchises
19. Store supplies
20. Copyrights
Classification
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