The Alphabetized Adjusted Trial Balance for SimCo Electrical Outfitters at August

question 137

Essay

The alphabetized adjusted trial balance for SimCo Electrical Outfitters at August 31, 2020, is shown below. Identify how each account balance would be classified on a balance sheet given the following classification symbols:
$$\begin{array} { | l | l | l | l | } \hline \text { CA } & \text { Curent assets } & \text { CL } & \text { Curent liabilities } \\\hline \text { PPE } & \text { Property, plart ard equipment } & \text { LTL } & \text { Long-term liabilities } \\\hline \text { IA } & \text { Intangible asset } & \text { OE } & \text { Equity } \\\hline \text { LTI } & \text { Long-term irvestment } & \text { NA } & \begin{array} { l } \text { Not applicable to a } \\\text { balance sheet }\end{array} \\\hline\end{array}$$

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Definitions:

Higher Forms

A non-scientific term that has been used historically to refer to more complex life forms or organisms with advanced levels of organization.

Qualitative Forecasting

A method of prediction that uses non-numerical data, such as expert opinions or market trends, to make forecasts about future events or behavior.

Expert Planning

Strategic planning carried out by individuals with specialized knowledge and skills in a particular area.

Contingency Planning

Identifies alternative courses of action for use if and when circumstances change with time.