Hasbro, Inc. produces products under several brands including Transformers, Nerf, My Little Pony, and Monopoly. The following are several of the accounts from a recent balance sheet:
1. Accounts Receivable
2. Note Payable (short- term)
3. Common Stock
4. Note Payable (long- term)
5. Income Taxes Payable
6. Equipment
7. Retained Earnings
8. Accounts Payable
9. Cash
Required:
1. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability, and SE for stockholders' equity.
2. Indicate whether the account normally has a debit or credit balance.