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The following classification scheme typically is used in the preparation of a balance sheet:Current assets b.Investments and funds c.

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The following classification scheme typically is used in the preparation of a balance sheet:

a. Current assets

b. Investments and funds

c. Property, plant, and equipment

d. Intangible assets

e. Other assets

f. Current liabilities

g. Long-term liabilities

h. Contributed capital i. Retained earnings

Using the letters above and the format below, indicate the balance sheet category from the drop-down listing in which an entity typically would place each of the following items. Contra accounts should be indicated by the corresponding drop-down choice shown with parentheses.

1. Long-term receivables

2. Accumulated amortization

3. Current maturities of long-term debt

4. Notes payable (short-term)

5. Accrued payroll taxes

6. Leasehold improvements

7. Retained earnings appropriated for plant expansion

8. Machinery

9. Donated capital

10. Short-term investments

11. Deferred tax liability (long-term)

12. Allowance for uncollectible accounts

13. Premium on bonds payable

14. Supplies inventory

15. Additional paid-in capital

16. Work-in-process inventory

17. Notes receivable (short-term)

18. Copyrights

19. Unearned revenue (long-term)

20. Inventory

Top Answer

a. Current assets 12. Allowance for uncollectible accounts 14. Supplies inventory 16. Work-in-process inventory 20.... View the full answer

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