The statement of financial position contains the following major sections: a. Current assets b. Long-term investments c. Property, plant and equipment d. Intangible assets e. Other assets f. Current...

 following is a list of several accounts. Using the letters, A through K, indicate in which section of the statement of financial position each of the accounts would be classified. Place a check mark beside each item that is a contra-account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain.

Extracted text: The statement of financial position contains the following major sections: a. Current assets b. Long-term investments c. Property, plant and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Other liabilities i. Contributed capital j. Retained earnings k. Accumulated other comprehensive income Required: The following is a list of several accounts. Using the letters, A through K, indicate in which section of the statement of financial position each of the accounts would be classified. Place a check mark beside each item that is a contra- account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain. 1. Cash 2. Bonds payable (due in 8 years) 3. Machinery 4. Deficit 5. Unexpired insurance 6. Franchise (net) 7. Fund to retire preference shares 8. Current portion of mortgage payable 9. Accumulated depreciation 10. (net) 11. Investment in held-to-maturity bonds 12. Allowance for doubtful accounts 13. Notes receivable (due in 3 years) _14. Property taxes payable 15. Deferred taxes payable 16. Premium on preference shares 17. Premium on bonds payable (due in 8 years) 18. Goods in process 19. Shares capital, P1 par 20. Land 21. Treasury stock (at cost)