PE 4-3B Classified balance sheet

The following accounts appear in an adjusted trial balance of F-18 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 F-18 Consulting.
1. Accounts Payable
2. Accounts Receivable
3. Accumulated Depreciation—Building
4. Cash
5. Jess Garza, Capital
6. Note Payable (due in 2018)
7. Supplies
8. Wages Payable

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