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All of the following are on an unclassified balance sheet: (Check all that apply).

Question

All of the following are on an unclassified balance sheet: (Check all that apply).

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Solution

An unclassified balance sheet typically includes the following components:

  1. Assets: This section lists all the resources owned by the company. It includes:

    • Cash
    • Accounts Receivable
    • Inventory
    • Equipment
    • Property
  2. Liabilities: This section lists all the obligations or debts the company owes. It includes:

    • Accounts Payable
    • Notes Payable
    • Accrued Liabilities
  3. Equity: This section represents the owner's claims after all liabilities have been settled. It includes:

    • Common Stock
    • Retained Earnings

An unclassified balance sheet does not categorize assets and liabilities into current and non-current. Instead, it presents them in a simple, straightforward manner without further breakdown.

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