Textbook Problem

Classifications on Balance Sheet The balance sheet contains the following major sections:

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

Required:

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