From the dropdown box beside each numbered balance sheet item, select the option of its balance...

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From the dropdown box beside each numbered balance sheet item, select the option of its balance sheet classification. If the

business accounting

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Answer 1

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S.NO.	ACCOUNT TITLE	BALANCE SHEET CLASSIFICATION

1	Interest receivable	Current assets
2	Machinery	Fixed assets
3	Prepaid rent (2 months of rent)	Current assets
4	Equipment	Fixed assets
5	Repairs expense	No Item required
6	Land (used in operations)	Fixed assets
7	Depreciation expenses-Building	No Item required
8	Office equipment	Fixed assets
9	Comon stock	Stockholder equity
10	Buildings	Fixed assets
11	Bonds payable (due in 10 years)	Long-term liabilities
12	Accumulated depreciation-Trucks	Contra assets
13	Mortgages payable (due in 6 years)	Long-term liabilities
14	Automobiles	Fixed assets
15	Notes payable (due in 3 years)	Long-term liabilities
16	Land held for future expansion	Fixed assets
17	Notes payable (due in 2 months)	Current liabilities
18	Notes receivable (due in 2 years)	Long-term assets
19	Interest payable (due in 1 week)	Current liabilities
20	Long-term investments in stock	Long-term assets- Investments

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