Classified balance sheets commonly include the following categories Indicate the typical classification of

Classified balance sheets commonly include the following categories.

Indicate the typical classification of each item listed below by placing the correct balance sheet category in the blank space next to the item.

1. Prepaid insurance	Plant assets
2. Common stock	Equity
3. Buildings used in business operations	Investments
4. Wages payable	Long-term liabilities
5. Accounts payable	Current assets
6. Retained earnings	Equity
7. Current portion of long-term debt	Current liabilities
8. Land held for future plant expansion	Current liabilities
9. Cash	Intangible assets
10. Long-term note payable	Current liabilities
11. Accounts receivable	Current assets
12. Patents	Current assets