Listed below are items that may appear on a classified balance sheet. 1. Land 2. Amounts due

Question:

Listed below are items that may appear on a classified Land
2. Amounts due from customers
3. Office building
4. Truck
5. Goods held for resale
6. Amounts owed to others
7. Patent
8. Timberland
9. Land held as investment
10. Goodwill

Required:
Indicate whether each item is included as an operating asset on a classified not included as an operating asset, indicate the proper classification.

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...