Short Answer Questions 189.Classified balance sheets commonly include the following categories. a. Current assets b. Long-term investments c. Plant assets d. Intangible assets e. Current liabilities...

Short Answer Questions

189.Classified balance sheets commonly include the following categories.



a. Current assets

b. Long-term investments

c. Plant assets

d. Intangible assets

e. Current liabilities

f. Long-term liabilities

g. Equity



Indicate the typical classification of each item below by placing the letter of the correct balance sheet category a through g in the blank space next to the item.



1) ____ Equipment used in business operations

2) ____ Store Supplies

3) ____ Investment maturing in two years

4) ____ Long-term Note Payable

5) ____ Prepaid Rent

6) ____ Retained earnings

7) ____ Accounts Payable

8) ____ Current portion of long-term debt

9) ____ Trademarks

10) ____ Wages Payable

11) ____ Accounts Receivable

12) ____ Cash

190.Explain why temporary accounts are closed each period.

191.Explain the difference between temporary and permanent accounts.

192.List the steps in the accounting cycle.