Classifying Accounts and Their Usual BalancesAs described in a recent annual report. Veriz...

Classifying Accounts and Their Usual Balances

As described in a recent annual report. Verizon Wireless provides wireless voice and data services across one of the most extensive wireless networks in the United States. Verizon now serves more than 80 million customers, making it the largest wireless service provider in the United States in terms of the total number of customers. The following are accounts from a recent balance sheet for Verizon.

(1)Accounts Receivable

(2) Retained Earnings

(3) Taxes Payable

(4) Prepaid Expenses

(5) Contributed Capital

(6) Long-Term Investments

(7) Plant, Property, and Equipment

(8) Accounts Payable

(9) Short-Term Investments

(10) Long-Term Debt

Required:

For each account, indicate w hether the account is classified as a current asset (CA). noncurrent asset (NCA). current liability (CL). noncurrent liability (NCL), or stockholders’ equity (SE). and whether the account usuallv has a debit or credit balance.