Answer:
<u>a. Current assets</u>
Allowance for uncollectable accounts
Inventories
Prepaid rent for next 9 months
Cash
<u>b. Investments and funds </u>
Investment in xyz corporation
<u>c. Property, plant, and equipment </u>
Equipment
Land in use
Building in use
<u>d. Intangible assets </u>
Patents
<u>e. Other assets</u>
Land held for investment
<u>f. Current liabilities</u>
Accounts payable
Deferred rent revenue for the next 12 months
Notes payable due in 6 months
Accrued liabilities
Taxes payable
<u>g. Long-term liabilities</u>
Notes payable due in 5 years
<u>h. Paid-in-capital</u>
Common stock
<u>i. Retained earnings</u>
Income less dividend accumulated
Explanation:
A Balance Sheet shows the balances of Assets, Liabilities and Equity as at the reporting date.
Assets
There are two major asset categories which are Current Assets and Non- Current Assets. Current Assets are assets not exceeding 12 months examples are Inventories and Cash. Whilst Non-Current Assets are assets exceeding a period of 12 months examples are Property, Plant and Equipment items such as Land, Investments and Intangible Assets
Liabilities
There are two major asset categories which are Current Liabilities and Non- Current Liabilities. Current Liabilities are liabilities due to be paid within a period not exceeding 12 months examples are Accrued liabilities and Accounts payable. Whilst Non-Current Liabilities are assets liabilities payable in a period exceeding 12 months examples are Notes payable due in 5 years.
Equity
We have Paid In Capital such as Common Stock and Retained Earnings comprising of Profits and dividends.
Classification of items as will be shown in the balance sheet will be done as above.
