Classify the Following Balance Sheet Accounts by as Current Assets,noncurrent

Question 115

Not Answered

Classify the following balance sheet accounts by as current assets,noncurrent assets,current liabilities,noncurrent liabilities or stockholders' equity  1. Notes payable due in 3 months  Noncurrent assets 7 2. Income taxes payable  Stockholders’ equity 9 3. Prepaid expenses  Current Liabilities 1 4. Accounts receivable  Noncurrent assets 6 5. Supplies inventory  Current assets 3 6. Land  Current assets 5 7. Building  Stockholders’ equity 10 8.Notes payable due in 5 years  Noncurrent liabilities 8 9. Retained earnings  Current liabilities 210.Contributed capital  Current assets 4\begin{array}{lrl}\text { 1. Notes payable due in } 3 \text { months } & \text { Noncurrent assets } & 7 \\\text { 2. Income taxes payable } & \text { Stockholders' equity } &\underline{ 9} \\\text { 3. Prepaid expenses } & \text { Current Liabilities } & \underline{1} \\\text { 4. Accounts receivable } & \text { Noncurrent assets } & \underline{6} \\\text { 5. Supplies inventory } & \text { Current assets } &\underline{3} \\\text { 6. Land } & \text { Current assets } & \underline{5} \\\text { 7. Building } & \text { Stockholders' equity } & \underline{10} \\\text { 8.Notes payable due in 5 years } & \text { Noncurrent liabilities } & \underline{8} \\\text { 9. Retained earnings } & \text { Current liabilities } & \underline{2} \\\text {10.Contributed capital } & \text { Current assets } & \underline{4}\end{array}

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents