Classify each of the following financial statement items taken from ming corporation’s balance sheet. select a proper balance sheet classification accounts payable select a proper balance sheet classification accounts receivable select a proper balance sheet classification accumulated depreciation—equipment select a proper balance sheet classification buildings select a proper balance sheet classification cash select a proper balance sheet classification interest payable select a proper balance sheet classification goodwill select a proper balance sheet classification income taxes payable select a proper balance sheet classification inventory select a proper balance sheet classification stock investments (to be sold in 7 months) select a proper balance sheet classification land (in use) select a proper balance sheet classification mortgage payable select a proper balance sheet classification supplies select a proper balance sheet classification equipment select a proper balance sheet classification prepaid rent

Explanation:

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Select a proper balance sheet classification.

Accounts payable select a proper balance sheet classification- Current liabilities  

Accounts receivable select a proper balance sheet classification - Current asset

Accumulated depreciation—equipment select a proper balance sheet classification-Fixed Asset

Buildings select a proper balance sheet classification -Fixed Asset

Cash select a proper balance sheet classification -Current asset

Interest payable select a proper balance sheet classification -Current Liabilities

Goodwill select a proper balance sheet classification-Intangible Asset

Income taxes payable select a proper balance sheet classification-Current Liabilities

Inventory select a proper balance sheet classification-Current asset

Stock investments (to be sold in 7 months) select a proper balance sheet classification -Current Asset. Long-term investments are assets that a company intends to hold for more than a year.

Land (in use) select a proper balance sheet classification-Fixed Asset

Mortgage payable select a proper balance sheet classification - From the perspective of the borrower, the mortgage is considered a long-term liability. Any portion of the debt that is payable within the next 12 months is classified as a short-term liability.

Supplies select a proper balance sheet classification-Current Asset  

Equipment select a proper balance sheet classification-Fixed Asset  

Prepaid rent-Current Asset

they work in some type of way