Question: Problem 3 - 6 A ( Algo ) Determining balance sheet classifications LO C 2 Common categories of a classified balance sheet include Current Assets,
Problem A Algo Determining balance sheet classifications LO C
Common categories of a classified balance sheet include Current Assets, LongTerm Investments, Plant Assets, Intangible Assets, Current Liabilities, LongTerm Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance sheet, indicate that instead.
tableAccount Title,Classification,Account Title Trucks,, Office supplies Mortgages payable due in years Salaries payable Automobiles,, Merchandise inventory Notes payable due in years Supplies Utilities expense, Rental revenue, Services revenue, Unearned revenue, Notes receivable due in years Accounts receivable, Interest payable due in week Accounts payable, Longterm investment in stock,, Shortterm investments Wages payable,, Taxes payable Due in weeks
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