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The Following Items Represent a Classification Scheme for a Balance

Question 130

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The following items represent a classification scheme for a balance sheet,and the other items represent accounts.write the letter for each account to indicate to which category it belongs.

Premises:
Prepaid Interest
Interest Expense
Land Held for Future Use
Inventory
Notes Payable (in five years)
Accumulated Depreciation
Common Stock
Depreciation Expense
Trademark
Wages Payable
Revenues Received in Advance
Responses:
Plant and equipment
Intangible assets
Investments
Current assets
Stockholders' equity
Not on balance sheet
Current liabilities
Long-term liabilities

Correct Answer:

Prepaid Interest
Interest Expense
Land Held for Future Use
Inventory
Notes Payable (in five years)
Accumulated Depreciation
Common Stock
Depreciation Expense
Trademark
Wages Payable
Revenues Received in Advance
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