N the only accounts on this trial balance should be

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n The only accounts on this trial balance should be assets, liabilities, and equity accounts. 3-37
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Classified Balance Sheet Assets Liabilities and Equity Current assets Current liabilities Noncurrent assets: Noncurrent liabilities Long-term investments Equity Plant assets Intangible assets Current items are those expected to come due (either collected or owed) within one year or the company’s operating cycle , whichever is longer . 3-38
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Classified Balance Sheet FastForward Balance Sheet December 31, 2011 Assets Current Assets Cash 3,950 $ Accounts receivable 1,800 Supplies 8,670 Prepaid insurance 2,300 Total Current Assets 16,720 Plant Assets Equipment 26,000 Less: accum. depr. (375) 25,625 Total assets 42,345 $ Liabilities Current Liabilities Accounts payable 6,200 $ Salaries payable 210 Unearned revenue 2,750 Total liabilities 9,160 $ Equity Common stock 30,000 Retained earnings 3,185 Total liabilities and equity 42,345 $ 3-39
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