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

Question:

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)

Owner's equity (OE)

Classify each of the following accounts taken from Faust Company's balance sheet.

________ Accounts payable

________ Accounts receivable

________ Cash

________ L. Dawn, capital Patents

________ Salaries payable

________ Merchandise inventory

________ Short-term investments (to be sold in 7 months)

________ Accumulated depreciation-equipment

________ Buildings

________ Land(in use)

________ Notes payable(duein2years)

________ 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... 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...