Question 6 Classify each of the following financial statement items taken from M

Question

Question 6 Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Accounts payable Accounts receivable Accumulated depreciation-equipment Buildings Cash Interest payable Goodwill Income taxes payable Inventory Stock investments (to be sold in 7 months) Land (in use) Mortgage payable Supplies Equipment Prepaid rent Long-term Liabilities Stockholders' Equity Property, Plant, and Equipment Intangible Assets Current Liabilities Long-term Investments Current Assets

Explanation / Answer

Classification :

Current liabilities Account payable Current assets Account receivable Property,plant and equipment (contra) Accumlated depreciation -Equipment Property,plant and equipment Building Current assets Cash Current liabilities Interest payable Intangible assets Goodwill Current liabilities Income tax payable Current assets Inventory Current assets Stock investment (to be sold in 7 Months) Property,plant and equipment Land (in use) Long term liabilities Mortgage payable Current assets Supplies Property,plant and equipment Equipment Current assets Prepaid rent

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