Consider Walmart, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Stockholders' Equity (S) for Walmart

Accounts receivable

Long-term debt

Merchandise inventory

Prepaid expenses

Accrued expenses payable

Equipment

Notes payable

Retained earnings

Land

Accounts payable

Common Stock

Supplies

Answer: The answer is as follows:

Explanation:

The classification of items are as follows:

Accounts receivable - Asset

Long-term debt - Liability

Merchandise inventory - Asset

Prepaid expenses - Asset

Accrued expenses payable - Liability

Equipment - Asset

Notes payable - Liability

Retained earnings - Stockholders' Equity

Land - Asset

Accounts payable - Liability

Common Stock - Stockholders' Equity

Supplies - Asset