The following are the major balance sheet classifications Current assets (CA) Long term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Current liabilities (CL) Long term liabilities (LTL) Stockholders ' equity (SE) Instructions Classify each of the following accounts ...

Classification of financial statement account It is given that following accounts are t ...

The following are the major balance sheet classifications. Current assets (CA) Long-term investments (LTI) Property, plant, and

Question:

The following are the major classifications.
Current assets (CA)
Long-term investments (LTI)
Property, plant, and equipment (PPE)
(IA)
Current liabilities (CL)
Long-term liabilities (LTL)
Stockholders' equity (SE)
Instructions
Classify each of the following accounts taken from Raman Company's Cash
________ Patents
________ Salaries and wages payable
________ Inventory
________ Stock investments
________ (to be sold in 7 months)
________ Accumulated depreciation-equipment
________ Buildings
________ Land (in use)
________ Notes payable (due in 2 years)
________ Supplies
________ Equipment
________ Prepaid expenses
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...