Select the balance sheet category where the items given would best typically appear. Items 1. Bond investment to be held through maturity in five years 2. Trademarks 3. Accounts receivable 4. 5. Wages Payable 6. Store equipment 7. Accounts payable 8. Notes payable (due in five years) Notes receivable (due in 2 months) Balance Sheet Category
Select the balance sheet category where the items given would best typically appear. Items 1. Bond investment to be held through maturity in five years 2. Trademarks 3. Accounts receivable 4. 5. Wages Payable 6. Store equipment 7. Accounts payable 8. Notes payable (due in five years) Notes receivable (due in 2 months) Balance Sheet Category
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:**Title: Identifying Balance Sheet Categories**
**Instruction:**
Select the balance sheet category where the items listed below would typically appear.
**Table:**
| Items | Balance Sheet Category |
|-------------------------------------------------------------|-------------------------|
| 1. Bond investment to be held through maturity in five years | |
| 2. Trademarks | |
| 3. Accounts receivable | |
| 4. Notes payable (due in five years) | |
| 5. Wages Payable | |
| 6. Store equipment | |
| 7. Accounts payable | |
| 8. Notes receivable (due in 2 months) | |
**Explanation:**
When preparing a balance sheet, it is crucial to categorize items correctly to reflect the financial position accurately. The table above lists various items, and the task is to choose the appropriate balance sheet category typically associated with each one. This table serves as an educational tool to help understand how different financial elements are classified in accounting records.
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