• LO3–2, LO3–3
The following are the typical classifications used in a balance sheet:
a. Current assets
b. Investments and funds
c. Property, plant, and equipment
d. Intangible assets
e. Other assets
f. Current liabilities
g. Long-term liabilities
h. Paid-in-capital
i.
Required:
For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus sign before the chosen letter.
1. _____ Equipment
2. _____ Accounts payable
3. _____ Allowance for uncollectible accounts
4. _____ Land, held for investment
5. _____ Note payable, due in 5 years
6. _____ Deferred rent revenue for the next 12 months
7. _____ Note payable, due in 6 months
8. _____ Income less dividends, accumulated
9. _____ Investment in XYZ Corp., long-term
10. _____ Inventories
11. _____ Patent
12. _____ Land, in use
13. _____ Accrued liabilities
14. _____ Prepaid rent for the next 9 months
15. _____ Common stock
16. _____ Building, in use
17. _____ Cash
18. _____ Taxes payable

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Chapter 3 Solutions
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