Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 56

Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances
According to a recent report of Hasbro, Inc., the company is "a worldwide leader in children's and family games and toys." Hasbro produces products under several brands including Tonka, Milton Bradley, Playskool, and Parker Brothers. The following are several of the accounts from a recent balance sheet:
1. Accounts Receivable
2. Short-term Bank Loan
3. Contributed Capital
4. Long-term Debt
5. Income Taxes Payable
6. Property, Plant, and Equipment
7. Retained Earnings
8. Accounts Payable
9. Cash
Required:
1. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability, and SE for stockholders' equity.
2. Indicate whether the account normally has a debit or credit balance.