The following are the major balance sheet classifications.
|
Current assets (CA) |
Current liabilities (CL) |
|
Long term investments (LTI) |
Long term liabilities (LTL) |
|
Property, plant, and equipment (PPE) |
Owner’s equity (OE) |
|
Intangible assets (IA) |
|
Instructions
Classify each of the following accounts taken from Roberts Company’s balance sheet.
|
Accounts payable |
Accumulated depreciation |
|
Accounts receivable |
Buildings |
|
Cash |
Land |
|
Roberts, Capital |
Long term debt |
|
Patents |
Supplies |
|
Salaries payable |
Office equipment |
|
Inventories |
Prepaid expenses |
|
Investments |