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Indicate whether each of the following assets and liabilities typically should be classified as current or long-term: (a) accounts receivable; (b) prepaid rent for the next six months; (c) notes receivable due in two years; (d) notespayable due in 90 days; (e) notes payable due in five years; and (f) patent.

Indicate whether each of the following assets and liabilities typically should be classified as current or long-term: (a) accounts receivable; (b) prepaid rent for the next six months; (c) notes receivable due in two years; (d) notespayable due in 90 days; (e) notes payable due in five years; and (f) patent.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Indicate whether each of the following assets and liabilities typically should be classified as current or long-term: (a) accounts receivable; (b) prepaid rent for the next six months; (c) notes receivable due in two years; (d) notes
payable due in 90 days; (e) notes payable due in five years; and (f) patent.

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