Exercise 3-3 (Static) Balance sheet classification [LO3-2, 3-3]

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

a.	Current assets	f.	Current liabilities
b.	Investments	g.	Long-term liabilities
c.	Property, plant, and equipment	h.	Paid-in capital
d.	Intangible assets	i.	Retained earnings
e.	Other assets

Required: For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.)

Required: For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 1. 10. 2. 11. 3. 12. Supplies Machinery Land (used in operations) Deferred revenue (for 2022) Copyrights 4. 13. Interest payable (due in 3 months) Franchise Accumulated depreciation Prepaid insurance (for 2022) Bonds payable (due in 10 years) Current maturities of long-term debt Notes payable (due in 3 months) Long-term receivables Restricted cash (will be used to retire bonds in 10 years) 5. 14. 6. 15. Common stock 7. 16. 8. 17. Land (held for speculation) Cash equivalents Salaries payable 9. 18