GAAP classifies items on the balance sheet in one of
GAAP classifies items on the balance sheet in one of the following ways:
Asset (A)
Liability (L)
Shareholders’ equity (SE)
Item that would not appear on the balance sheet as conventionally prepared under GAAP. (N/A)
Using the abbreviations, indicate the appropriate classification of each of the following items. If you can find no basis in the chapter for giving an answer, then speculate.
a. Salaries payable
b. Retained earnings
c. Notes receivable
d. Unfilled customers’ orders
e. Land
f. Interest payable
g. Work-in-process inventory
h. Mortgage payable
i. Organization costs
j. Advances by customers
k. Advances to employees
l. Patents
m. Good credit standing
n. Common stock

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