Question & Answer: The list of balance sheet applications for each balance sheet accounts are here; (please choose the right one for each balance sheet accoun…..

The list of balance sheet applications for each balance sheet accounts are here; (please choose the right one for each balance sheet accounts):

-Retained Earnings

-Investement

-Current Liabilities

-NonCurrent Liabilities

-Property, Plant and Equipment

-Intangible Assets

-Other Assets

-Capital Stock

-Current Assets

-Additional Paid-in Capital

Exercise 5-2 Presented below are the captions of Faulk Company’s balance sheet. Indicate where each of the following items would be classified. Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable 4. Accounts payable 5. Buildings. 6. Equity investments (to be sold in the next year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13. Supplies. 14. Common stock. 15· Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable.