Classifying Accounts on a Balance Sheet
The following are several of the accounts of Gomez-Sanchez Company:
— (1) | Accounts Payable | — (9) | Long-Term Investments |
— (2) | Accounts Receivable | — (10) | Notes Payable (due in three years) |
— (3) | Buildings | — (11) | Notes Receivable (due in six months) |
— (4) | Cash | — (12) | Prepaid Rent |
— (5) | Contributed Capital | — (13) | Retained Earnings |
— (6) | Land | — (14) | Supplies |
— (7) | Merchandise Inventory | — (15) | Utilities Payable |
— (8) | Income Taxes Payable | — (16) | Wages Payable |
In the space provided, classify each as it would be reported on a balance sheet. Use:
CA for current asset CL for current liability SE for stockholders’ equity
NCA for noncurrent asset NCL for noncurrent liability
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