(Classification of Balance Sheet Accounts) Assume that Fielder Enterprises uses the following headings on its balance sheet.

(a) Current assets. (f) Current liabilities.

^{(b) Investments. (g) Long-term liabilities.}

^{(c) P r opert y , plant, and equipment. (h) Capital stock.}

^{(d) Intangible assets. (i) Paid-in capital in excess of pa r .}

^{(e) Other assets. (j) Retained earnings.}

Instructions

Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter “N” to indicate this fact. If an item need not be reported at all on the balance sheet, use the letter “X.”

1. Prepaid insurance.

^{2. Stock owned in a f filiated companies.}

^{3. Unearned service r evenue.}

^{4. Advances to suppliers.}

^{5. Unearned r ent r evenue.}

^{6. P r efer r ed stock.}

^{7 . Additiona l paid-i n capita l o n p r efer r ed}

^stock.

^{8. Copyrights.}

^{9. Petty cash fund.}

^{10. Sales taxes payable.}

1 1. Accrued interest on notes receivable.

12. Twenty-year issue of bonds payable that will mature within the next year. (No sinking fund exists, and refunding is not planned.)

^{13 . Machinery r eti r ed f r om use and held for sale.}

^{14. Fully dep r eciated machine still in use.}

^{15. Acc r ued inte r est on bonds payable.}

^{16. Salaries that company budget shows will be}

^{paid to employees within the next yea r .}

^{17. Discount on bonds payable. (Assume r elated}

^{to bonds payable in item 12.)}

^{18. Accumulated dep r eciation—buildings.}

19. Noncontrolling interest