d. mortgaged investments. 47) Which of the following is an example of an intangible asset? a. Equipment b. Plant c. Property d. Copyright 48) A balance sheet that lists the assets above the liabilities and owner's equity sections is a(n) : a. report form balance sheet. b. unclassified form balance sheet. c. account form balance sheet. d. audited form balance sheet. 49) Buildings, land, and equipment are classified as: a. current assets. b. long-term assets. c. current liabilities. d. long-term liabilities. 50) Which of the following would be considered a long-term asset? a. Accounts Payable b. Land c. Cash d. Owner's Name, Capital 51) To which of the following accounts should the balance in the Income Summary account be closed? a. Owner's Name, Withdrawals b. Net Income c. Owner's Name, Capital d. Service Revenue 52) Which of the following accounts will have an ending balance after the closing process is completed? a. Owner's Name, Withdrawals b. Rent Expense c. Accumulated Depreciation-Furniture d. Service Revenue 53) The Net Income of Sarah for the year is $25,000. The withdrawals Sarah made during the year amounted to $30,000. Which of the following statements is true of effect of these transactions on Sarah, Capital? a. Sarah, Capital account decreases by $25,000. b. Sarah, Capital account decreases by $5,000. c. Sarah, Capital account increases by $30,000. d. Sarah, Capital account increases by $25,000. 54) Which of the following entries will be necessary to close the Insurance Expense account at the end of the year? a. Debit Insurance Expense and credit Income Summary b. Debit Insurance Expense and credit Owner's Name, Capital c. Debit Owner's Name, Capital and credit Insurance Expense d. Debit Income Summary and credit Insurance Expense 55) Which of the following accounts will be included in a postclosing trial balance? a. Owner's Name, Withdrawals b. Salaries Expense c. Owner's Name, Capital d. Office Supplies Expense