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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:

Medium Of Exchange

An intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties.

M2

A measure of the money supply that includes cash, checking deposits, and easily convertible near money like savings deposits and money market securities.

M1

A category of the money supply that includes all physical money such as coins and currency, as well as demand deposits, and other liquid assets easily convertible to cash.

Less Liquid

Describes assets that cannot be easily converted to cash without significant loss in value, relative to more liquid assets.

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