Classified Balance Sheet The following accounts appear in an adjusted trial bala
ID: 2543783 • Letter: C
Question
Classified Balance Sheet The following accounts appear in an adjusted trial balance of Kangaroo Consulting. Indicate whether each account would be reported in the current asset; property, plant, and equipment; current liability; long-term liability; or stockholders' equity section of the December 31, 2018, balance sheet of Kangaroo Consulting. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation—Building 4. Cash 5. Common Stock 6. Note Payable (due in ten years) 7. Supplies 8. Wages Payable
Explanation / Answer
Accounts Payable Current liability Accounts Receivable Current asset Accumulated Depreciation—Building Property, plant, and equipment Cash Current asset Common Stock Stockholders' equity Note Payable (due in ten years) Long-term liability Supplies Current asset Wages Payable Current liability