Business, 19.07.2021 20:20 baileyflemingde

Match the title of the account to the place where that account account title is most likely to be presented on a balance sheet. The following accounts are in the chart of accounts of Autotown, Inc., a company that sells used cars. Autotown is preparing its balance sheet as of December 31, Year 6. All accounts have normal balances. Choose the classification (1-5) that matches the account according to the section directions. You may use the classification more than once or not at all. a. current asset
b. current liability
c. non-current asset
d. none of the other choices (equity or not a balance sheet account)
e. non-current liability
1. Used cars (for resale)
2. Accumulated other comprehensive income
3. Depreciation expense
4. Utilities payable
5. Land (where the car lot exists)
6. 3-year Note payable due 10/1/Year7
7. 18 month Note payable borrowed on 11/1/Year6 (so due 6/1/Year8)
8. Common stock

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