Asset & Liability

Extra Credit Assignment

Practice Exercise 4-1

Place an “X” in the appropriate classification for each balance sheet item listed below.

Short-Term

Asset

Long-Term

Asset

Short-Term

Liability

Long-Term

Liability

Payroll taxes due

Accounts receivable

Land

Mortgage payable

(non-current)

Buildings

Note payable

(due in 24 months)

Inventory

Accounts payable

Cash on hand

 
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