h2 For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list.Note: If the item is a contra account, select the appropriate classification category with "- contra" from the dropdown list.1.234569.10.11.12.13.14.15.16.17.18.EquipmentAccounts payableAllowance for uncollectible accountsLand (held for investment)Notes payable (due in 5 years)Deferred revenue (for the next 12 months)Notes payable (due in 6 months)Accumulated amount of net income less dividendsInvestment in XYZ Corporation (long-term)InventoryPatentLand (used in operations)Accrued liabilities (due in 6 months)Prepaid rent (for the next 9 months)Common stockBuilding (used in operations)CashIncome taxes payable

The balance sheet represents the financial position of the business with assets and liabilities at a…

For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list. Note: If the item is a contra account, select the appropriate classification category with "- contra" from the dropdown 1. Equipment

For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list. Note: If the item is a contra account, select the appropriate classification category with "- contra" from the dropdown 1. Equipment

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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Question

For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list.
Note: If the item is a contra account, select the appropriate classification category with "- contra" from the dropdown list.
1.
23456
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
Equipment
Accounts payable
Allowance for uncollectible accounts
Land (held for investment)
Notes payable (due in 5 years)
Deferred revenue (for the next 12 months)
Notes payable (due in 6 months)
Accumulated amount of net income less dividends
Investment in XYZ Corporation (long-term)
Inventory
Patent
Land (used in operations)
Accrued liabilities (due in 6 months)
Prepaid rent (for the next 9 months)
Common stock
Building (used in operations)
Cash
Income taxes payable

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