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Canvas The following financial statement items were taken from the financial statements of Gomez Corp. Match...

Canvas The following financial statement items were taken from the financial statements of Gomez Corp. Match each of the fina

Canvas The following financial statement items were taken from the financial statements of Gomez Corp. Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use "Not Applicable." Trademarks (Choose) Notes payable (current) (Choose] Interest revenue (Choose] Income taxes payable (Choose Debt investments (long-term) (Choose) Unearned sales revenue (Choose] Inventory [Choose] Accumulated depreciation (Choose] Land (Choose] Common stock (Choose) Advertising expense [Choose) Mortgage payable (due in 3 years) (Choose]
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Answer #1

Trademarks - intangible assets

notes payable (current) - current liabilities

interest revenue - NA

Income taxes payable - current liabilities

Debt investments (long term) - Long term investments

Unearned sales revenue - current liabilities

Inventory - current assets

Accumulated depreciation - deducted from gross fixed assets (it is a reserve, hence deducted from assets)

land - gross fixed assets

common stock - shareholders equity

advertising expense - NA

Mortgage payable - long term debt

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