Answer:
Prepaid Advertising - Current Asset
Equipment - Property, Plant, and Equipment
Trademarks - Intangible Assets
Salaries and Wages payable - Current Liabilities
Income Tax payable - Current Liabilities
Retained Earnings - Stockholder's Equity
Account Receivable - Current Assets
Land (Held for future use) - Long term Investment
Patents - Intangible Asset
Bonds Payable - Long term Liability
Common Stock - Stockholder's Equity
Accumulated Depreciation - Property, Plant, and Equipment
Unearned sales revenue - Current Liability
Explanation:
Balance Sheet of a company has different heads under which items are classified according to their nature. The major account heads for classification are Assets, Liabilities and Equity.
Prepaid Advertising and Account receivable are classified as current asset because this is expected to be used within a year.
Equipment is classified as Long term asset under the head, Property, Plant and Equipment. The equipment has estimated useful life more than a year then it is classified as Long term asset.
Trademarks and patents are classified as intangible assets, because they are not physical in nature.
Salaries and Wages payable, Income Tax payable and Unearned sales revenue are classified as Current liabilities. These expenses are due to pay within a year.
Retained Earnings and Common Stock are classified as Stockholders equity. The amount after subtracting all liabilities from total assets is referred to as Stockholder equity.
Accumulated depreciation is deducted from Property, Plant and Assets. This has negative sign and is a contra asset account.
