Classified Balance Sheets Commonly Include the Following Categories

question 223

Short Answer

Classified balance sheets commonly include the following categories.
a. Current assets
b. Long-term investments
c. Plant assets
d. Intangible assets
e. Current liabilities
f. Long-term liabilities
g. Equity.
Indicate the typical classification of each item below by placing the letter of the correct balance sheet category a through g in the blank space next to the item.
1) ____ Equipment used in business operations
2) ____ Store Supplies
3) ____ Investment maturing in two years
4) ____ Long-term Note Payable
5) ____ Prepaid Rent
6) ____ Retained earnings
7) ____ Accounts Payable
8) ____ Current portion of long-term debt
9) ____ Trademarks
10) ____ Wages Payable
11) ____ Accounts Receivable
12) ____ Cash

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Definitions:

Aquarium Equipment

Tools and devices specifically designed for setting up, maintaining, and enhancing the functionality and aesthetics of aquariums.

Technical Skills

The understanding of and proficiency in the performance of specific tasks.

E-selling

The process of selling goods or services over the internet through digital platforms or online stores.

Specific Tasks

Particular duties or responsibilities assigned to someone as part of their job or project.