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The following are the typical classifications used in a statement of financial position : a.       Current assets b.      Investments and funds c.       Property, plant, and equipment d.      Investment property e.       Intangible assets f.       Current liabilities g.       Long-term liabilities h.      Issued capital i.        Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1.      ….  .…….Prepaid insurance 2.      ……….. Note payable due in three months 3.      ………. Unearned rent revenue 4.      ……….. Income less dividends, accumulated 5.      ………. Building, in use

Question

The following are the typical classifications used in a statement of financial position :

a.       Current assets

b.      Investments and funds

c.       Property, plant, and equipment

d.      Investment property

e.       Intangible assets

f.       Current liabilities

g.       Long-term liabilities

h.      Issued capital

i.        Retained earnings

Required :

For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter

1.      ….  .…….Prepaid insurance

2.      ……….. Note payable due in three months

3.      ………. Unearned rent revenue

4.      ……….. Income less dividends, accumulated

5.      ………. Building, in use

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