$E3-2$ Balance sheet classification $9L03-2,9L03-3$

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

$a.$ Current assels

$b.$ Investments

$c.$ Property, plant, and equipment

$d.$ Intangible assets

$e.$ Current liabilities

$f.$ Long term liabilities

$8.$ Paid$-in$ capital

$h.$ Retained earnings

For each $of$ the following balance sheet items, use the letters above $to$ indicate the appropriate classification category. $If$ the item $is$ a contra account, place a minus sign before the chosen letter.

Equipment

Accounts payable:

Allowance for uncollectible accounts

Land $(held$ for investment$)$

Notes payable $(duein5$ years$)$

Deferred revenue $(for$ the next $12$ months$)$

Notes payable $(duein6$ months$)$

Accumulated amount $of$ net income less dividends lavesiment $inXYZ$ Corp. $(long-$term$)$

Patent

Land $(usedin$ operations$)$

Accrued liabilitics $(duein6$ months$)$

Prepaid rent $(for$ the next $9$ months$)$

Common stock

Building $(usedin$ operations$)$

Cash

Income laxes payablo