Chapter 4, Problem E4.17E

Classifying balance sheet accounts
Learning Objective 1

For each listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets; Long−term investments; Property, Plant, and Equipment; Intangible Assists; Current Liabilities; Long-Term Liabilities; and Owner’s Equlity. If the item does not being on the classified balance sheet, put an X.

1. Land (used in operation)
2. Accumulated Depreciation
3. Reed, Capital
4. Service Revenue
5. Investing in Starbucks Corporation (to be held long−term)
6. Accounts Receivable
7. Equipment
8. Buildings
9. Notes payable (due in 10 years)
10. Unearned Revenue
11. Cash
12. Accounts Payable
13. Prepaid Rent
14. Reed, withdraws
15. Land (held for investment pupose)
16. Depreciation Expense