The following are the major balance sheet classifications: Match each of the fol

Question

The following are the major balance sheet classifications:

Match each of the following accounts to its proper balance sheet classification.

Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Owner's equity (OE) Intangible assets (IA)

Match each of the following accounts to its proper balance sheet classification.

Accounts payable CLCAPPEIALTIOELTL Income tax payable LTLOEPPECLCALTIIA Accounts receivable LTLPPEIACALTICLOE Investment in long-term bonds CLPPECAOELTIIALTL Accumulated depreciation PPELTLOECACLIALTI Land LTICLCAIAOELTLPPE Building LTLOELTIIACACLPPE Merchandise inventory CLOELTILTLCAPPEIA Cash PPELTILTLCACLIAOE Patent LTLCACLLTIOEPPEIA Copyrights LTIOECALTLIACLPPE Supplies CLPPEOEIALTILTLCA

Explanation / Answer

Accounts Payable Accumulated Depreciation

Accounts Receivable Buildings

Cash Land

Owner's Capital Mortgage Payable

Patents Supplies

Salaries & Wages Payable Equipment

Merchandise Inventory Prepaid Expenses

Long-Term Investments Short-Term Investments

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