Exxon Mobil Corporation explores, produces, refines, markets, and supplies crude oil, natural gas, and petroleum products in the United States and around the world. Required: Indicate how the accounts normally should be categorized on a classified balance sheet. Also indicate whether the account normally has a debit or credit balance.

The accounts to be categorized are as follows.

(1) Notes and loans payable (short term) (2) Materials and supplies (3) Common stock (4) Patents (an intangible asset) (5) Income taxes payable (6) Long-term debt (7) Marketable securities (short term investments) (8) Property, plant and equipment (9) Retained earnings (10) Notes and accounts receivable (short term) (11) Investments (long term) (12) Cash and cash equivalents (13) Accounts payable (14) Crude oil products and merchandise (15) Additional paid up capital

The balance sheet classification of these accounts is as follows.

Account                                                Classification                          Balance

(1) Notes and loans payable                Current liability                        Credit  

(2) Materials and supplies                   Current asset                            Debit

(3) Common stock                                Shareholders' equity               Credit

(4) Patents                                             Non-current asset                    Debit

(5) Income taxes payable                    Current liability                         Credit

(6) Long-term debt                               Non-current liability                 Credit

(7) Marketable securities                     Current asset                            Debit

(8) Property, plant and equipment      Non-current asset                    Debit

(9) Retained earnings                           Shareholders' equity               Credit

(10) Notes and accounts receivable    Current asset                            Debit

(11) Investments (long term)                  Non-current asset                    Debit

(12) Cash and cash equivalents           Current asset                            Debit

(13) Accounts payable                          Current liability                         Credit

(14) Crude oil products                         Current asset                            Debit

(15) Additional paid up capital              Shareholders' equity               Credit

answer; measurable outcome;

answerthe above statement is (true);