Chapter 3, Problem 24QS

Classifying balance sheet items C3

The following are common categories on a classified balance sheet.

1. Current assets
2. Long-term investments
3. Plant assets
4. Intangible assets
5. Current liabilities
6. Long-term liabilities

For each of the following items, select the letter that identifies the balance sheet category where the item typically would best appear.

_____ 1. Land not currently used in operations

_____ 2. Notes payable (due in five years)

_____ 3. Accounts receivable

_____ 4. Trademarks

_____ 5. Accounts payable

_____ 6. Store equipment

_____ 7. Wages payable

_____ 8. Cash