Answer Happy

Exercise 7-40 Balance Sheet Presentation Listed below are items that may appear on a classified balance sheet. Required: Indicate whether each item is included as an operating asset on a classified balance sheet. If the item is an operating asset, indicate whether the item is property, plant, and equipment; an intangible asset; or a natural resource as well as the cost allocation process used (depreciation, amortization, or depletion). If the item is not an operating asset, indicate the proper balance sheet classification. Balance Sheet Classification 1. Land 2. Amounts due from customers 3. Office building 4. Truck 5. Goods held for resale 6. Amounts owed to suppliers 7. Patent 8. Timberland 9. Land held as investment 10. Goodwill