PE 4-3A Classified balance sheet

The following accounts appear in an adjusted trial balance of Pilot 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 Pilot Consulting.
1. Building
2. Marty Ramsey, Capital
3. Notes Payable (due in 2017)
4. Prepaid Rent
5. Salaries Payable
6. Supplies
7. Taxes Payable
8. Unearned Service Fees

Answer:
1. Property, plant, and equipment
2. Owner’s equity
3. Long-term liability
4. Current asset
5. Current liability
6. Current asset
7. Current liability
8. Current liability