In the blank next to each account, write the letter indicating to which category

Question

In the blank next to each account, write the letter indicating to which category of the Classified Balance Sheet it would belong.

  A. Current Assets E. Current Liabilities

B. Long-Term Investments F. Long-Term Liabilities

C. Property, Plant, and Equipment G. Stockholders’ Equity

D. Intangible Assets H. Not on the Balance Sheet

Accumulated Depreciation

Common Stock

Building (used in operations)

Salaries Payable

Land (not used in operations)

Inventory

Unearned Revenue

Depreciation Expense

Dividends

Patents

Prepaid Rent

Mortgage Payable (due 2020)

Salaries Expense

Short-Term Debt investment

Income Tax Payable

Goodwill

Accumulated Depreciation

Common Stock

Building (used in operations)

Salaries Payable

Land (not used in operations)

Inventory

Unearned Revenue

Depreciation Expense

Dividends

Patents

Prepaid Rent

Mortgage Payable (due 2020)

Salaries Expense

Short-Term Debt investment

Income Tax Payable

Goodwill

Explanation / Answer

Item Category No Category Name Remarks Accumulated Depeciation F Longterm Liability - Common Stock G Stockholders' Equity Here we assumed that common stock own company Building (Used in operations) C Property,plant and Equipment - Salaries Payable E Current Liabilities - Land (not used in Operations) B Long term Investment - Inventory A Current Assets - Unearned Revenue E & A Current Liabilities & Current Assets Here we assumed that unearned revenue received, so Debit the cash and credit the unearned revenue. Depreciation Expenses H Not on the Balance Sheet It is a Nominal Accuount. Dividends A Current Assets Here we assumed that dividends received. Patents D Intangible Assets - Prepaid Rent A Current Assets - Mortage Payable (due 2020) F Longterm Liability Here Liability due more the 3 years. Salaries Expense H Not on the Balance Sheet It is a Nominal Accuount. Short - Term Debt Investement A Current Assets - Income Tax Payable E Current Liabilities - Good Will D Intangible Assets -

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