Chapter 1, Problem 1.6S

LO 3

(Learning Objective 3: Identify assets, liabilities, and stockholders’ equity accounts) Classify the following items as an asset (A), a liability (L), or stockholders’ equity (S) for Target Corporation, a large retailer:

1. a. ___Land
2. b. ___Accrued expenses payable
3. c. ___Supplies
4. d. ___Equipment
5. e. ___Notes payable
6. f. ___Long-term debt
7. g. ___Retained earnings
8. h. ___Prepaid expenses
9. i. ___Accounts payable
10. j. ___Accounts receivable
11. k. ___Merchandise inventory
12. l. ___Common stock