E4-15 The following are the major balance sheet classifications.
Current assets (CA) Current liabilities (CL)
Long-term investments (LTI) Long-term liabilities (LTL)
Property, plant, and equipment (PPE) Stockholders’ equity (SE)
Intangible assets (IA)
Instructions
Classify each of the following accounts taken from Roberts Company’s balance sheet.
______ Accounts payable ______ Accumulated depreciation
______ Accounts receivable ______ Buildings.
______ Cash ______ Land
______ Common Stock ______ Long-term debt
______ Patents ______ Supplies
______ Salaries payable ______ Office equipment
______ Inventories ______ Prepaid expenses
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