10. The following are the typical classifications used in a balance sheet: a. Current assets...
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10. The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings e. Other assets Required: For each of the following 2021 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. Interest payable (due in 3 months) Supplies 2. Franchise 11. Machinery 3. Accumulated depreciation 12. Land (used in operations) Prepaid insurance (for 2022) 13. Deferred revenue (for 2022) 5. Bonds payable (due in 10 years) 14. Copyrights 6. Current maturities of long-term debt 15. Common stock 7. Notes payable (due in 3 months) 16. Land (held for speculation) 8. Long-term receivables 17. Cash equivalents 9. Restricted cash (will be used to retire bonds 18. Salaries payable in 10 years) 4
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