5.For each financial statement item listed in 1 through 5 below, identify in which balance sheet category (listed in a through h) it should be reported. You may use each letter more than once or not...

Financial Statement Categories

a.Current assets

b.Long-term investments

c.Property, plant, and equipment

d.Intangible assets

e.Current liabilities

f.Long-term liabilities

g.Shareholders’ equity

h.Not disclosed on the balance sheet

1.

Contributed capital

2.

Prepaid insurance

3.

Accounts payable

4.

Sales revenue

5.

Delivery truck

1.Financing activities involve the sale of goods and services of a business.

2.The income statement is often referred to as a statement of financial condition.

3.The most liquid of all assets is cash.

4.The asset sections found on a classified balance sheet include current assets, current liabilities, and owners’ equity.

5.Dividends payable, Inventories, Contributed capital, and Accumulated Depreciation all appear on a company’s balance sheet.

Financial Statement Categories

a.Current assets

b.Long-term investments

c.Property, plant, and equipment

d.Intangible assets

e.Current liabilities

f.Long-term liabilities

g.Shareholders’ equity

h.Not disclosed on the balance sheet

1.

Accumulated depreciation

2.

Accounts receivable

3.

Trademarks

4.

Investment in bonds

5.

Retained earnings

6.

Short-term investments

7.

Prepaid insurance