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the following are the major balance sheet classifications 593161

The following are the major balance sheet classifications.

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)

Instructions

Classify each of the following accounts taken from Raman Company”s balance sheet.

Accounts payable

Accumulated depreciation—equipment

Accounts receivable

Buildings

Cash

Land (in use)

Owner”s capital

Notes payable (due in 2 years)

Patents

Supplies

Salaries and wages payable

Equipment

Inventory

Prepaid expenses

Stock investments (to be sold in 7 months)

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