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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What items are classified as noncurrent assets in the following categories: (a) long-term investments; (b) property, plant, and equipment; and (c) intangible assets?

To determine

Indicate the items are classified as noncurrent assets in the given categories:

  1. (a) Long-term investments
  2. (b) Property, plant and equipment
  3. (c) Intangible assets
Explanation

Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’ equity are categorized or classified further into sections, and sub-sections in a classified balance sheet. Assets are further classified as current assets, long-term investments, property, plant, and equipment (PPE), and intangible assets. Liabilities are classified into two sections current and long-term. Stockholders’ equity comprises of common stock and retained earnings. Thus, the classified balance sheet includes all the elements under different sections.

Indicate the items are classified as noncurrent assets in the given categories:

Long-term investmentsProperty, plant and equipment

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