Concept explainers
Problem 4-3B Determining
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity
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______1. Commissions earned
______2. Interest receivable
______3. Long-term investment in stock
______4. Prepaid insurance (4 months of rent)
______5. Machinery
______6. Notes payable (due in 15 years)
______7. Copyrights
______8. Current portion of long-term note payable
______9.
______10. Office equipment
______11. Rent receivable
______12. Salaries payable
______13. Income taxes payable (due in 11 weeks)
______14. Owner Capital
______15. Office supplies
______16. Interest payable
______17. Rent revenue
______18. Notes receivable (due in 120 days)
______19. Land (used in operations)
----20. Depreciation expense—Trucks
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Fundamental Accounting Principles
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