Chapter 2, Problem 1P

Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances

Exxon Mobil Corporation explores, produces, refines, markets, and supplies crude oil. natural gas. and petroleum products in the United States and around the world. The following are accounts from a recent balance sheet of Exxon Mobil Corporation:

	Balance Sheet Classification	Debit or Credit Balance
(1) Notes and Loans Payable (short-term)
(2) Materials and Supplies
(3) Common Stock
(4) Patents (an intangible asset)
(5) Income Taxes Payable
(6) Long-Term Debt
(7) Marketable Securities (short-term investments)
(8) Property. Plant, and Equipment
(9) Retained Earnings
(10) Notes and Accounts Receivable (short-term)
(11) Investments (long-term)
(12) Cash and Cash Equivalents
(13) Accounts Payable
(14) Crude Oil Products and Merchandise
(15) Additional Paid-in Capital

Required:

For each account, indicate how it normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset. CL for current liability. NCL for noncurrent liability, and SE for stockholders’ equity. Also indicate whether the account normally has a debit or credit balance.