[amr01]

I want you guys to help me in a classified balance sheet.

Is workshop in the category ( Current Assets, Non-current Assests, Current Liabilities, Non-Current Liabilities, Owner's Equity)?

Is ' truck used exclusively to transport furniture' in the category ( Current Assets, Non-current Assests, Current Liabilities, Non-Current Liabilities, Owner's Equity)?

Is 'stock of materials used to repair furniture' in the category ( Current Assets, Non-current Assests, Current Liabilities, Non-Current Liabilities, Owner's Equity)?

Is 'repair equipment' in the category ( Current Assets, Non-current Assests, Current Liabilities, Non-Current Liabilities, Owner's Equity)?

Is 'Anthony's personal bank account' in the category ( Current Assets, Non-current Assests, Current Liabilities, Non-Current Liabilities, Owner's Equity)?

Is 'Loan - New bank $25 000 - this is to be repaid at the rate of $ 4 000 per year in the category ( Current Assets, Non-current Assests, Current Liabilities, Non-Current Liabilities, Owner's Equity)?

Is ' Anthony's private home unit in Docklands' in the category ( Current Assets, Non-current Assests, Current Liabilities, Non-Current Liabilities, Owner's Equity)?

Is 'Bank over-draft' in the category ( Current Assets, Non-current Assests, Current Liabilities, Non-Current Liabilities, Owner's Equity)?

Please ANSWER A.S.A.P thank you

[morgaine300]

How 'bout if we explain what these categories are so that you can try to classify them yourself. You can't just memorize every possible account that could ever exist. You need to know what these mean.

Assets are what the company owns or has some kind of right to. It has to have value and be of use to the company to run. Current assets are those that will be used or realized within one year. Fixed assets are those that are tangible and will be used for more than a year. There's also other types, but they're lumping everything into non-current. So if it's not current, then it's non-current.

Liabilities are anything the company owes, or an obligation they have. Current again is anything to be paid with one year, and non-current (long-term) is over a year.

Owner's Equity is the net value of the owner, equal to assets less liabilities. (i.e. what the company has less what they owe)

Take a crack at these. You can post your answers if you like and someone can check them.

And as for answering "ASAP" - we're volunteers and answer when we happen to be here. You get the same treatment as everyone else. Please don't have unrealistic expectations of the volunteers here.