Harry's Clothing Inc.,used the following headings on the company's December 31,2014 balance sheet:
(A)Current assets
(B)Long-term investments
(C)Property and equipment
(D)Intangible assets
(E)Other assets
(F)Current liabilities
(G)Long-term debt
(H)Shareholders' equity
For each of the following items,indicate its normal balance sheet classification category.Use (NA)for items that would not appear on the face of the balance sheet,but would be discussed in the notes to the financial statements.
_____ 1.Accounts receivable
_____ 2.Accrued interest on notes payable (2015 maturity)
_____ 3.Accumulated depreciation
_____ 4.Goodwill
_____ 5.Preferred stock
_____ 6.Common stock
_____ 7.Customer deposits on products to be shipped in a few months
_____ 8.Depreciation methods and estimated lives of equipment
_____ 9.Prepaid insurance
_____ 10.Assets (surplus production equipment)held for sale

Question

Quizplus · Accepted Answer

The Answer of Harry's Clothing Inc.,used the following headings on the company's December 31,2014 balance sheet:
(A)Current assets
(B)Long-term investments
(C)Property and equipment
(D)Intangible assets
(E)Other assets
(F)Current liabilities
(G)Long-term debt
(H)Shareholders' equity
For each of the following items,indicate its normal balance sheet classification category.Use (NA)for items that would not appear on the face of the balance sheet,but would be discussed in the notes to the financial statements.
_____ 1.Accounts receivable
_____ 2.Accrued interest on notes payable (2015 maturity)
_____ 3.Accumulated depreciation
_____ 4.Goodwill
_____ 5.Preferred stock
_____ 6.Common stock
_____ 7.Customer deposits on products to be shipped in a few months
_____ 8.Depreciation methods and estimated lives of equipment
_____ 9.Prepaid insurance
_____ 10.Assets (surplus production equipment)held for sale