The following are the major statement of financial position classifications.

Intangible assets (IA)                                  Owner’s equity (OE)
Property, plant, and equipment (PPE)         Non-current liabilities (NCL)
Long-term investments (LTI)                        Current liabilities (CL)
Current assets (CA)

Instructions

Classify each of the following accounts taken from Faust Company’s statement of fi nancial position.
________ Accounts payable                                              ________ Accumulated depreciation—equipment
________ Accounts receivable                                          ________ Buildings
________ Cash                                                                  ________ Land (in use)
________ Owner’s capital                                                 ________ Notes payable (due in 2 years)
________ Patents                                                             ________ Supplies
________ Salaries and wages payable                             ________ Equipment
________ Inventory                                                          ________ Prepaid expenses
________ Share investments (to be sold in 7 months)