The lettered items below represent a classification scheme for a balance sheet, and the numbered items in
Question:
The lettered items below represent a classification scheme for a balance sheet, and the numbered items in the list below are account titles. Match each account with the letter of the category in which it belongs.
a. Current assets
b. Investments
c. Property, plant, and equipment
d. Current liabilities
e. Current liabilities
f. Long-term liabilities
g. Owner’s equity
h. Not on balance sheet
1. Patent
2. Building Held for Sale
3. Prepaid Rent
4. Wages Payable
5. Note Payable in Five Years
6. Building Used in Operations
7. Fund Held to Pay Off Long-Term Debt
8. Inventory
9. Prepaid Insurance
10. Depreciation Expense
11 Accounts Receivable
12. Interest Expense
13. Unearned Revenue
14. Short-Term Investments
15. Accumulated Depreciation
16. Owner’s Capital
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...
Step by Step Answer:
1 d Intangible assets 2 b Investments 3 a Current assets 4 e Current liabilities ...View the full answer
