Final answer:
The first long-term asset category typically reported on a classified balance sheet is 'Property, Plant, and Equipment', representing tangible assets used over a period longer than one year in a company's operations.
Step-by-step explanation:
The first long-term asset category reported on a classified balance sheet is typically 'Property, Plant, and Equipment'. This category represents the tangible long-term assets that a company uses in the production of its goods and services, such as buildings, machinery, and equipment.
These assets have a useful life of more than one year and are used in the operations of the business. They are not intended for resale but are integral to the company's revenue generation. Other long-term assets, such as intangible assets and long-term investments, would appear afterward on the balance sheet.