The following are the major balance sheet classifications Classify each of the following accounts taken from Faust Companys balance sheet Accounts Balance Sheet Classification Accounts payable Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Accounts receivable Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Cash Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Owners Capital Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Patents Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Salaries and wages payable Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Inventory Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Stock investments (to be sold in 7 months) Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Accumulated depreciationequipment Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Buildings Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Land (in use) Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Notes payable (due in 2 years) Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Supplies Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Equipment Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity Prepaid expenses Current AssetsLong term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong term LiabilitiesOwners Equity

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Question: The following are the major balance sheet classifications. Classify each of the following accounts taken from Faust Companys balance sheet. Accounts Balance Sheet Classification Accounts

The following are the major balance sheet classifications. Classify each of the following accounts taken from Faust Companys balance sheet.

Accounts		Balance Sheet Classification
Accounts payable		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Accounts receivable		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Cash		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Owners Capital		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Patents		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Salaries and wages payable		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Inventory		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Stock investments (to be sold in 7 months)		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Accumulated depreciationequipment		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Buildings		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Land (in use)		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Notes payable (due in 2 years)		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Supplies		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Equipment		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity
Prepaid expenses		Current AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwners Equity

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