:$3-3$

$3$alance sheet

lassification

LO$3-2,$ LO$3-3$

The following are the typical classifications used in a balance sheet:

a$.$ Current assets

e$.$ Current liabilities

f$.$ Long$-$term liabilities

g$.$ Paid$-$in capital

h$.$ Retained earnings

b$.$ Investments

d$.$ Intangible assets

Required: $$

For each of the following balance sheet items, use the letters above to indicate the appropriate classification cate$-$

gory. If the item is a contra account, place a minus sign before the chosen letter.

Interest payable $($due in $3$ months$)$

$2.$

Franchise

Accumulated depreciation

$4$

Prepaid insurance $($for next $6$ months$)$

$5$

Bonds payable $($due in $10$ years$)$

$6$

Current maturities of long$-$term debt

Notes payable $($due in $3$ months$)$

$8.$

Long$-$term receivables

$9.$

Unrestricted cash

Supplies

Machinery

Land $($used in operations$)$

Deferred revenue $($for next $4$ months$)$

Copyrights

$15.$

Common stock

Land $($held for speculation$)$

Cash equivalents

$18.$

Salaries payable