Chapter 4, Problem 3PSB

Problem 4-3B Determining balance sheet classifications C3

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity

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______1. Commissions earned

______2. Interest receivable

______3. Long-term investment in stock

______4. Prepaid insurance (4 months of rent)

______5. Machinery

______6. Notes payable (due in 15 years)

______7. Copyrights

______8. Current portion of long-term note payable

______9. Accumulated depreciation—Trucks

______10. Office equipment

______11. Rent receivable

______12. Salaries payable

______13. Income taxes payable (due in 11 weeks)

______14. Owner Capital

______15. Office supplies

______16. Interest payable

______17. Rent revenue

______18. Notes receivable (due in 120 days)

______19. Land (used in operations)

----20. Depreciation expense—Trucks