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The following are several of the accounts from a recent balance sheet.
Indicate how each account normally should be categorized on a classified balance sheet.
Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability, and SE for stockholders' equity.
Also indicate whether the account normally has a debit or credit balance.

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Answer:

Account Name      Balance Sheet Classification    DR or CR Balance

1. Accounts Receivable                    CA                       Debit

2. Prepaid Expense                    CA                        Debit

3. Inventories                                    CA                       Debit

4. Long-Term Debt                   NCL                 Credit

5. Cash and Cash Equivalent    CA                 Debit

6. Accounts Payable                    CL                 Credit

7. Income Tax Payable                    CL                 Credit

8. Contributed Capital                    SE                         Credit

9. Property Plant and Equipment    NCA                 Debit

10. Retained Earning                    SE                  Credit

11. Short-Term Borrowing            CL                 Credit

12. Accrued Liabilities                    CL                 Credit

13. Goodwill (an Intangible Asset)  NCA                 Debit

 

Explanation:

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