The following are the major balance sheet classifications. Current assets (CA) Current liabilities (CL) Long-term investments (LTI)
Question:
The following are the major balance sheet classifications.
Current assets (CA) Current liabilities (CL)
Long-term investments (LTI) Long-term liabilities (LTL)
Property, plant, and equipment (PPE) Owner’s equity (OE)
Intangible assets (IA)
Instructions
Classify each of the following accounts taken from E. Williams Company’s balance sheet.
______ Accounts payable ______ Accumulated depreciation
______ Accounts receivable ______ Buildings
______ Cash ______ Land
______ Owner’s capital ______ Long-term debt
______ Patents ______ Supplies
______ Salaries and wages payable ______ Equipment
______ Inventory ______ Prepaid expenses
______ Investments
Step by Step Answer:
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso