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