The following accounts appear on the worksheet of Santos Craft Store at December 31, 2016. Indicate the

Question:

The following accounts appear on the worksheet of Santo’s Craft Store at December 31, 2016. Indicate the section of the classified balance sheet in which each account will be reported.

SECTIONS OF CLASSIFIED BALANCE SHEET

a. Current Assets

b. Plant and Equipment

c. Current Liabilities

d. Long-Term Liabilities

e. Owner’s Equity

ACCOUNTS

1. Accounts Receivable

2. Delivery Van

3. Prepaid Insurance

4. Notes Payable, due 2017

5. Store Supplies

6. Accounts Payable

7. Merchandise Inventory

8. Ray Lynch, Capital

9. Cash

10. Unearned Subscriptions Income

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...