Classify the Following Balance Sheet Accounts as Current Assets,noncurrent Assets,current

question 6

Short Answer

Classify the following balance sheet accounts as current assets,noncurrent assets,current liabilities,noncurrent liabilities,or stockholders' equity.
1.Building
2.Retained earnings
3.Notes payable due in 3 months
4.Land
5.Prepaid expenses
6.Supplies inventory
7.Common stock
8.Notes payable due in 5 years
9.Income taxes payable
10.Accounts receivable

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Definitions:

Manufacturing

The process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications.

Factory Rent

Expenses incurred for leasing a premises to use as a manufacturing or production facility.

Prime Costs

The combined direct costs of raw materials and labor that are directly attributable to the production of a product.

Conversion Costs

The sum of direct labor and overhead costs involved in converting raw materials into finished goods.