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Match Each Account to the Classification Scheme for a Balance

Question 63

Matching

Match each account to the classification scheme for a balance sheet

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

Correct Answer:

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