The following are the major balance sheet classifications.
Current assets (CA)......... Current liabilities (CL)
Long-term investments (LTI)..... Long-term liabilities (LTL)
Property, plant, and equipment (PPE)... Owner’s equity (OE)
Intangible assets (IA)
Instructions
Classify each of the following accounts taken from Roberts Company’s balance sheet.
______ Accounts payable ______ Accumulated depreciation
______ Accounts receivable ______ Buildings
______ Cash ______ Land
______ Roberts, Capital ______ Long-term debt
______ Patents ______ Supplies
______ Salaries payable ______ Office equipment
______ Inventories ______ Prepaid expenses
______ Investments