Textbook Problem

Classifications on Balance Sheet The current balance sheet of J. J. Arvesen Company contains the following major sections:

1. A. Current assets
2. B. Long term investments
3. C. Properly, plant, and equipment
4. D. Intangible assets
5. E. Other asset
6. F. Current liabilities
7. G. Long term liabilities
8. 1. H Contributed capital
9. H. Retained earnings
10. I. Accumulated other comprehensive income

Required:

The following is a list of accounts in random order. Using the letters A through J, indicate in which section each account would most likely he classified Also indicate with a check mark (✓) any item that is a contra account. If an account cannot be clarified in any of the preceding sections, indicate with an X and explain.