Business, 05.03.2020 17:34 glocurlsprinces

Exxon Mobil Corporation explores, produces, refines, markets, and supplies crude oil, natural gas, and petroleum products in the United States and around the world. Required: Indicate how the accounts normally should be categorized on a classified balance sheet. Also indicate whether the account normally has a debit or credit balance.

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Answer from: raquelle66

The accounts to be categorized are as follows.

(1) Notes and loans payable (short term) (2) Materials and supplies (3) Common stock (4) Patents (an intangible asset) (5) Income taxes payable (6) Long-term debt (7) Marketable securities (short term investments) (8) Property, plant and equipment (9) Retained earnings (10) Notes and accounts receivable (short term) (11) Investments (long term) (12) Cash and cash equivalents (13) Accounts payable (14) Crude oil products and merchandise (15) Additional paid up capital

The balance sheet classification of these accounts is as follows.

Account Classification Balance

(1) Notes and loans payable Current liability Credit

(2) Materials and supplies Current asset Debit

(3) Common stock Shareholders' equity Credit

(4) Patents Non-current asset Debit

(5) Income taxes payable Current liability Credit

(6) Long-term debt Non-current liability Credit

(7) Marketable securities Current asset Debit

(8) Property, plant and equipment Non-current asset Debit

(9) Retained earnings Shareholders' equity Credit

(10) Notes and accounts receivable Current asset Debit

(11) Investments (long term) Non-current asset Debit

(12) Cash and cash equivalents Current asset Debit

(13) Accounts payable Current liability Credit

(14) Crude oil products Current asset Debit

(15) Additional paid up capital Shareholders' equity Credit

Answer from: Quest

answer: true

step-by-step explanation:

Answer from: Quest

the answer to this is the first option

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