Question

Match each of the following accounts to its proper balance sheet classification.

a. Accounts payable
b. Accounts receivable
c. Accumulated depreciation
d. Buildings
e. Cash
f. Goodwill
g. Income taxes payable
h. Investment in long-term bonds
i. Land
j. Inventory
k. Patent
l Supplies

1. Intangible Assets
2. Long-term Liabilities
3. Property, Plant, and Equipment
4. Common stock
5. Retained Earnings
6. Current Assets
7. Current Liabilities
8. Long-term Investments

Answer 1

Answer:

   Account                                          Balance sheet classification

a. Accounts payable                          Current liabilities

b. Accounts receivable                     Current Assets

c. Accumulated depreciation            Property,plant and equipment

d. Buildings                                         Property,plant and equipment

e. Cash                                                Current Asset

f. Goodwill                                           Intangible Asset

g. Income taxes payable                    Current liabilities

h. Investment in long-term bonds      Long term investment

i. Land                                                   Property,plant and equipment

j. Inventory                                            Current Assets

k. Patent                                                Intangible Asset

l.  Supplies                                            Current Assets

Answer 2

The matching of the  following accounts to its proper balance sheet classification is shown below:

  Account                                          Balance sheet classification

a. Accounts payable                          Current liabilities

b. Accounts receivable                     Current Assets

c. Accumulated depreciation            Property,plant and equipment

d. Buildings                                         Property,plant and equipment

e. Cash                                                Current Asset

f. Goodwill                                           Intangible Asset

g. Income taxes payable                    Current liabilities

h. Investment in long-term bonds      Long term investment

i. Land                                                   Property,plant and equipment

j. Inventory                                            Current Assets

k. Patent                                                Intangible Asset

l.  Supplies                                            Current Assets

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