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E5 - E5-2Correct(Classification of Balance Sheet...

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Unformatted text preview: E5-2Correct. (Classification of Balance Sheet Accounts)Presented below are the captions of Faulk Company's balance sheet. (a)Current assets.(f) Current liabilities. (b) Investments.(g) Non-current liabilities.(c) Property, plant, and equipment. (h) Capital stock. (d) Intangible assets. (i) Additional paid-in capital.(e) Other assets.(j) Retained earnings.InstructionsIndicate by letter where each of the following items would be classified. 1.Preferred stock.h2.Goodwill.d3.Wages payable.f4.Trade accounts payable.f5.Buildings. c6.Trading securities.a7.Current portion of long-term debt. f8.Premium on bonds payable.g9.Allowance for doubtful accounts.a10.Accounts receivable.a11.Cash surrender value of life insurance. b12.Notes payable (due next year). f13.Office supplies.a14.Common stock.h15.Land.c16.Bond sinking fund.b17.Merchandise inventory.a18.Prepaid insurance.a19.Bonds payable. g20.Taxes payable....
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E5 - E5-2Correct(Classification of Balance Sheet...

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