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Classified Balance Sheets Commonly Include the Following Categories

Question 233

Matching

Classified balance sheets commonly include the following categories.Indicate the typical classification of each item listed below

Premises:
Prepaid insurance
Common stock
Buildings used in business operations
Wages payable
Accounts payable
Retained earnings
Current portion of long-term debt
Land held for future plant expansion
Cash
Long-term note payable
Accounts receivable
Patents
Responses:
Plant assests
Equity
Investments
Long-term liabilities
Current assets
Current liabilities
Intangible assets

Correct Answer:

Prepaid insurance
Common stock
Buildings used in business operations
Wages payable
Accounts payable
Retained earnings
Current portion of long-term debt
Land held for future plant expansion
Cash
Long-term note payable
Accounts receivable
Patents
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