Item Classification 1. Buildings 2. Сорyright 3. Supplies 4. Unearned service revenue 5. Prepaid insurance 6. Common stock 7. Rent payable а. Current assets b. Property, plant, and equipment Intangible assets d. Current liabilities Long-term liabilities f. Contributed capital g. Retained earnings с. е. 8. Accounts receivable 9. Allowance for doubtful accounts 10. Bonds payable
Item Classification 1. Buildings 2. Сорyright 3. Supplies 4. Unearned service revenue 5. Prepaid insurance 6. Common stock 7. Rent payable а. Current assets b. Property, plant, and equipment Intangible assets d. Current liabilities Long-term liabilities f. Contributed capital g. Retained earnings с. е. 8. Accounts receivable 9. Allowance for doubtful accounts 10. Bonds payable
Item Classification 1. Buildings 2. Сорyright 3. Supplies 4. Unearned service revenue 5. Prepaid insurance 6. Common stock 7. Rent payable а. Current assets b. Property, plant, and equipment Intangible assets d. Current liabilities Long-term liabilities f. Contributed capital g. Retained earnings с. е. 8. Accounts receivable 9. Allowance for doubtful accounts 10. Bonds payable
Below are items that may appear on the balance sheet. Required: Match each item with its appropriate classification.
Transcribed Image Text:Item
Classification
1. Buildings
2. Сорyright
3. Supplies
4. Unearned service revenue
5. Prepaid insurance
6. Common stock
7. Rent payable
а.
Current assets
b. Property, plant, and equipment
Intangible assets
d. Current liabilities
Long-term liabilities
f. Contributed capital
g. Retained earnings
с.
е.
8. Accounts receivable
9. Allowance for doubtful accounts
10. Bonds payable
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.
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