Problem 4-3A (Algo) Determining balance sheet classifications LO C1 Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term 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, indicate that instead. Account Title 1. Accounts receivable 2. Accounts payable 3. Short-term investments 4. Taxes payable (Due in 5 weeks) 5. Supplies 6. Goodwill 7. Office supplies 8. Franchises 9. Store supplies 10. Copyrights Classification Current assets Account Title Classification 11. Prepaid Insurance (expires in 5 months) Current liabilities 13. Cash 12. Trademarks Intangible assets 14. Patents Current assets Intangible assets 15. Interest receivable 16. Machinery Plant assets 17. Prepaid rent (2 months of Rent) Intangible assets 18. Equipment Plant assets 19. Repairs expense 20. Land Plant assets