Following are items that can be found in a balance sheet: Intangible assets Accounts payable Inventory

Question:

Following are items that can be found in a
•Accounts payable
•Inventory
•Cash
•Notes payable (due in ten years)
•Prepaid expenses
•Property, plant & equipment
•Common stock
•Accounts receivable
•Retained earnings
•Notes payable (due in six months)
•Additional paid-in capital
Required:
Determine the correct classiﬁcation for each item listed. Choices are current assets, long-term assets, current liabilities, long-term liabilities, and stockholders’ equity.
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...