143 CHAPTER 3 The Balance Sheet and Financial Disclosures -2 nce sheet sification 3-2. LO3-3 The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings e. Other assets Required: For each of the following balance sheet items. use the letters above to indicate the appropriate classification cate- gory. If the item is a contra account, place a minus sign before the chosen letter 1. Equipment 10. Inventory 2. Accounts payable Patent 3. Allowance for uncollectible accounts 12. Land (used in operations) Land (held for investment) 13. Accrued liabilities (due in 6 months) 5. Notes payable (due in 5 years) 14. Prepaid rent (for the next 9 months) 6. Deferred revenue (for the next 12 months) 15. Common stock 7. Notes payable (due in 6 months) 16. Building (used in operations) 8. Accumulated amount of net income less 17. Cash dividends 18. Income taxes payable 9. Investment in XYZ Corp. (long-term) 3 ce sheet fication 3-2, LO3-3 The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings e. Other assets Required: For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus sign before the chosen letter. 1. Interest payable (due in 3 months) 10. Supplies 2. Franchise 11. Machinery 3. Accumulated depreciation 12. Land (used in operations) 4. Prepaid insurance (for 2022) 13. Deferred revenue (for 2022) 5. Bonds payable (due in 10 years) 14. Copyrights 6. Current maturities of long-term debt 15. Common stock 7. Notes payable (due in 3 months) 16. Land (held for speculation) 8. Long-term receivables 17. Cash equivalents 9. Restricted cash (will be used to retire bonds 18. Salaries payable in 10 years) The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation