The following accounts appear in an adjusted trial balance of Blaine Auto Service Company. Indicate whether each account would be reported in the (a) current assets, (b) property, plant, and equipment, (c) current liabilities, (d) long-term liabilities, or (e) owner's equity section of the December 31 balance sheet of Blaine Auto Service Company. 1. Blaine Brock, Capital
2. Accumulated Depreciation
3. Unearned Revenues
4. Mortgage Payable
5. Equipment
6. Notes Payable (due in two years)
7. Cash
8. Accounts Receivable

1.(e)

2.(b)

3.(c)

4.(d)

5.(b)

6.(d)

7.(a)

8.(a)

Explanation:

Current assets : Are assets of a short term nature that can be easyly be converted into cash within a period of 12 months Example is Accounts Receivables

Property, plant, and equipment : Are long term investment assets that can not be easy be converted into cash with a period of 12 months.They increase or fall in value (depreciate) over the period.

Current Liabilities : Obligations due within a period of 12 months

Long term Liabilities : Obligations not due within a period of 12 months

Equity : Includes Owners Interest in the firm.

answer; ///liability;

of the three mortgage options that demarco and tanya have to choose from, the balloon payment mortgage would be their best option, over adjustable payment and fixed payment plans.ultimately, the balloon payment plan would save demarco and tanya overall, in interest, would cost less monthly, and they would only have to make these payments for 8 years, opposing to 30 years for adjustable or fixed payment plans. 

overall, demarco and tanya would save $80,811 if they chose balloon payments over fixed payments, and would save $116,711 if they choose balloon payments over adjustable payments. benefits with choosing fixed payments over adjustable payments is that, in the end, the payments will still be $836.30 a month, while with adjustable payments, the initial monthly payments will be $763.38 to $1082.70 a month, ultimately leading to a more costly purchase. benefits with choosing fixed payments over balloon payments are not present. benefits in choosing adjustable payments over is that it has a lower interest rate, and starts with lower monthly payments initially. benefits in choosing adjustable payments over balloon payments include a lower interest rate, and lower initial monthly payments. benefits in choosing balloon payments over fixed payments include lower interest rates, lower overall price, lower monthly payments, takes less time to pay off, and does not require a downpayment. benefits in choosing balloon payments over adjustable payments include, lower monthly payments (when averaged), takes less time to pay off, and lower overall price.

hence, option c, balloon payments, is the best option for demarco and tanya to make this purchase, for it will save them a minimum of $80811, and a maximum of $116,711.