Concept explainers
The major balance sheet classifications are listed in E2-1.
Instructions
Classify each of the following financial statement items based upon the major balance sheet classifications listed in E2-1.
_____ Prepaid advertising
_____ Equipment
_____ Trademarks
_____ Salaries and wages payable
_____ Income taxes payable
_____
_____ Accounts receivable
_____ Land (held for future use)
_____ Patents
_____ Bonds payable
_____ Common stock
_____
_____ Unearned sales revenue
_____ Inventory
E2-1 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)
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FINANCIAL ACCOUNTING: TOOLS WP ACCESS
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