a.

You are watching: The following are the typical classifications used in a balance sheet:

Current assetsf.Current liabilities
b.Investmentsg.Long-term liabilities
c.Property, plant, and equipmenth.Paid-in capital
d.Intangible assetsi.Retained earnings
e.Other assets  
 

Required:For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 

Interest Payable __

Franchise __

Accumulated Depreciation __

Prepaid Insurance (for 2022) __

Bonds Payable (due in 10 years) __

Current Maturities of Long-Term Debt __

Notes Payable (due in 3 months) __

Long-Term Receivables __

Restricted Cash (which will be used to retire bonds in 10 years) __

Supplies __

Machinery __

Land (used in operations) __

Deferred Revenue (for 2022) __

Common Stock __

Land (held for speculation) __

Cash equivalents __

Salaries Payable __


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