143 CHAPTER 3 The Balance Sheet and Financial Disclosures 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 balance sheet items, use the letters above to indicate the appropriate classification cate- gory. If the item is a contra account, place a minus sign before the chosen letter. Equipment 10. Inventory Accounts payable 11. - _ Patent Allowance for uncollectible accounts Land (used in operations) Land (held for investment) Accrued liabilities (due in 6 months) Notes payable (due in 5 years) Prepaid rent (for the next 9 months) Deferred revenue (for the next 12 months) Common stock Notes payable (due in 6 months) os 16. Building (used in operations) Accumulated amount of net income less 17. - -Cash dividends 18. _ Income taxes payable 9. _Investment in XYZ Corp. (long-term) 13. 14