Final answer:
The class of assets that includes land, buildings, and furnishings that are in use is called property, plant, and equipment (PP&E).
Step-by-step explanation:
The class of assets on the balance sheet that includes land, buildings, and furnishings that are in use is called property, plant, and equipment (PP&E). PP&E represents the long-term assets that a company uses in its normal business operations to generate revenue. These assets are generally tangible and have a useful life of more than one year.
For example, if a company owns a manufacturing facility, the land, building, and the machinery inside would all be classified as PP&E. Similarly, if a company owns office space and equipment such as desks and computers, these would also fall under the category of PP&E.