Question

Consider Walmart, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Stockholders' Equity (S) for Walmart
Accounts receivable
Long-term debt
Merchandise inventory
Prepaid expenses
Accrued expenses payable
Equipment
Notes payable
Retained earnings
Land
Accounts payable
Common Stock
Supplies

Answer 1

Answer: The answer is as follows:

Explanation:

The classification of items are as follows:

Accounts receivable -  Asset

Long-term debt - Liability

Merchandise inventory - Asset

Prepaid expenses - Asset

Accrued expenses payable - Liability

Equipment - Asset

Notes payable - Liability

Retained earnings - Stockholders' Equity

Land -  Asset

Accounts payable - Liability

Common Stock - Stockholders' Equity

Supplies - Asset