Question 4.3: Classified Balance Sheet The following accounts appear in an......
Classified Balance Sheet
The following accounts appear in an adjusted trial balance of Hindsight Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c) current liability; (d) long-term liability; or (e) owner’s equity section of the December 31, 2011, balance sheet of Hindsight Consulting.
1. Jason Corbin, Capital 5. Cash
2. Notes Receivable (due in 6 months) 6. Unearned Rent (3 months)
3. Notes Payable (due in 2013) 7. Accumulated Depreciation—Equipment
4. Land 8. Accounts Payable
1. Owner’s equity 5. Current asset
2. Current asset 6. Current liability
3. Long-term liability 7. Property, plant, and equipment
4. Property, plant, and equipment 8. Current liability