Identify the Balance Sheet Classification of Each of the Following

question 140

Essay

Identify the balance sheet classification of each of the following assets by placing an X in the correct classification: Plant Assets, Natural Resources, or Intangibles.
$$\begin{array} { | l | l | l | l | } \hline & \begin{array} { l } \text { Flant } \\\text { assets }\end{array} & \begin{array} { l } \text { Natural } \\\text { Resources }\end{array} & \begin{array} { l } \text { Intangible } \\\text { Assets }\end{array} \\\hline \text { a. Trademark } & & & \\\hline \text { b. Oil Field } & & & \\\hline \text { c. Gold mine } & & & \\\hline \text { d. Buil ding } & & & \\\hline \text { e. Franchise } & & & \\\hline \text { f.Timberland } & & & \\\hline \text { g. Patent } & & & \\\hline \text { h. Land } & & & \\\hline \text { i. Copyright } & & & \\\hline \text { j. Leasehold } & & & \\\hline\end{array}$$

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Definitions:

Capital

Capital refers to the financial resources that businesses use to fund their operations and grow, including equity, debt, and retained earnings.

Assets

Resources owned by a company that have economic value and are expected to provide future benefits.

Rent Expense

The cost incurred by a business for leasing a property or equipment for operational purposes.

Income Summary

An account used in the closing process that summarizes the results of all revenue and expense accounts.