Problem 4-3A (Algo) Determining balance sheet classifications LO C1 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. Utilities expense 2. Services revenue 3. Notes receivable (due in 2 years) 4. Interest payable (due in 1 week) 5. Long-term investment in stock 6. Wages payable 7. Copyrights 8. Salaries payable 9. Merchandise inventory 10. Store supplies Classification Account Title 11. Rental revenue 12. Unearned revenue 13. Accounts receivable 14. Accounts payable 15. Short-term investments 16. Taxos payable (Due in 5 weeks) 17. Supplies 18. Goodwill 19. Office supplies 20. Franchises Classification

Problem 4-3A (Algo) Determining balance sheet classifications LO C1 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. Utilities expense 2. Services revenue 3. Notes receivable (due in 2 years) 4. Interest payable (due in 1 week) 5. Long-term investment in stock 6. Wages payable 7. Copyrights 8. Salaries payable 9. Merchandise inventory 10. Store supplies Classification Account Title 11. Rental revenue 12. Unearned revenue 13. Accounts receivable 14. Accounts payable 15. Short-term investments 16. Taxos payable (Due in 5 weeks) 17. Supplies 18. Goodwill 19. Office supplies 20. Franchises Classification

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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