A Corporation's Balance Sheet Is Usually Divided into Three Primary $\quad$

question 110

Essay

A corporation's balance sheet is usually divided into three primary sections with various classifications reported within each section group in an informative manner. Listed below are some typical classifications within a section.
Contributed capital $\quad$ $\quad$ Other assets
Current assets $\quad$ $\quad$$\quad$ $\quad$ Other liabilities
Current liabilities $\quad$ $\quad$ $\quad$ Property, plant, and equipment
Intangible assets $\quad$ $\quad$$\quad$$\quad$ Retained earnings
Long-term investments $\quad$ $\quad$ Accumulated other comprehensive income Long-term liabilities
Required:
Identify each of the three balance sheet sections and list the classifications within each section in the appropriate order.

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Definitions:

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are recorded as sold first.

Inflation

How fast the general price for goods and services climbs, lessening the power to purchase.

Average Collection Period

The average number of days it takes for a business to receive payments owed by its customers.

Financial Statements

Papers that summarize a corporation's financial status, featuring the balance sheet, income statement, and cash flow statement.