The following are the major balance sheet classifications.
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Current assets (CA)
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Current liabilities (CL)
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Long-term investments (LTI)
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Long-term liabilities (LTL)
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Property, plant, and equipment (PPE)
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Stockholders" equity (SE)
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Intangible assets (IA)
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Instructions
Classify each of the following financial statement items taken from Inshore Corporation"s balance sheet.
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____ Accounts payable
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____ Income taxes payable
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____ Accounts receivable
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____ Inventory
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____ Accumulated depreciation-
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____ Investments
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equipment
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____ Land
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____ Buildings
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____ Mortgage payable
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____ Cash
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____ Supplies
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____ Interest payable
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____ Equipment
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____ Goodwill
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____ Prepaid rent
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