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Classify each of the following financial statement items based upon the major balance sheet classifications.

Current assetsStockholders' equityLong-term liabilitiesIntangible assetsCurrent liabilitiesLong-term investmentsProperty, plant, and equipment
Prepaid advertising
Stockholders' equityLong-term liabilitiesIntangible assetsCurrent assetsCurrent liabilitiesLong-term investmentsProperty, plant, and equipment
Equipment
Stockholders' equityCurrent liabilitiesIntangible assetsCurrent assetsLong-term investmentsLong-term liabilitiesProperty, plant, and equipment
Trademarks
Current assetsIntangible assetsLong-term investmentsLong-term liabilitiesCurrent liabilitiesProperty, plant, and equipmentStockholders' equity
Salaries and wages payable
Stockholders' equityLong-term liabilitiesProperty, plant, and equipmentIntangible assetsCurrent assetsCurrent liabilitiesLong-term investments
Income taxes payable
Current liabilitiesLong-term investmentsIntangible assetsLong-term liabilitiesCurrent assetsProperty, plant, and equipmentStockholders' equity
Retained earnings
Stockholders' equityLong-term liabilitiesCurrent assetsProperty, plant, and equipmentIntangible assetsCurrent liabilitiesLong-term investments
Accounts receivable
Property, plant, and equipmentCurrent liabilitiesLong-term liabilitiesCurrent assetsStockholders' equityLong-term investmentsIntangible assets
Land (held for future use)
Intangible assetsLong-term investmentsCurrent liabilitiesCurrent assetsLong-term liabilitiesProperty, plant, and equipmentStockholders' equity
Patents
Stockholders' equityIntangible assetsCurrent assetsCurrent liabilitiesLong-term investmentsLong-term liabilitiesProperty, plant, and equipment
Bonds payable
Property, plant, and equipmentLong-term investmentsCurrent assetsLong-term liabilitiesIntangible assetsStockholders' equityCurrent liabilities
Common stock
Intangible assetsStockholders' equityCurrent liabilitiesLong-term liabilitiesCurrent assetsLong-term investmentsProperty, plant, and equipment
Accumulated depreciation-equipment
Stockholders' equityLong-term liabilitiesProperty, plant, and equipmentIntangible assetsLong-term investmentsCurrent assetsCurrent liabilities
Unearned sales revenue
Long-term liabilitiesStockholders' equityCurrent assetsProperty, plant, and equipmentIntangible assetsCurrent liabilitiesLong-term investments
Inventory

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91948085

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