Presented below are the captions of Chan Company's balance sheet.
(a) Current assets.
(b) Investments.
(c) Property, plant, and equipment.
(d) Intangible assets.
(e) Other assets.
(f) Current liabilities.
(g) Non-current liabilities.
(h) Capital stock.
(i) Additional paid-in capital.
(j) Retained earnings.
Instructions:
Indicate by letter where each of the following items would be classified.
1. Cash surrender value of life insurance.
2. Prepaid insurance.
3. Taxes payable.
4. Bonds payable.
5. Notes payable (due next year).
6. Bond sinking fund.
7. Common stock.
8. Merchandise inventory.
9. Office supplies.
10. Land.
11. Trading securities.
12. Preferred stock.
13. Allowance for doubtful accounts.
14. Accounts receivable.
15. Goodwill.
16. Current portion of long-term debt.
17. Wages payable.
18. Buildings.
19. Premium on bonds payable.
20. Trade accounts payable.