For each of the following accounts, determine its classification on the balance sheet using the following classifications.

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For each of the following accounts, determine its classification on the balance sheet using the following classifications. Use OOE for other owners’ equity items that are not contributed capital or retained earnings. Put the letters in the spaces provided.
CA Current assets
LTL Long- term liabilities
INV Investments
OL Other liabilities
PPE Property, plant, and equipment
CC Contributed capital
INT Intangibles
RE Retained earnings
OA Other assets
OOE Other owners’ equity
CL Current liabilities
________ 1. Accumulated Depletion
________ 2. Allowance for Uncollectible Accounts
________ 3. Bonds Payable Due Next Year
________ 4. Common Stock Dividend Distributable
________ 5. Deferred Income Tax Payable
________ 6. Discount on Bonds Payable
________ 7. Goodwill
________ 8. Land Held for Expansion
________ 9. Mining Property
________ 10. Mortgage Payable
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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...
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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