Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Chapter 2, Problem 2.5E

Classification of Assets and Liabilities

Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL).

______ 1. Inventory

______ 2. Accounts payable

______ 3. Cash

______ 4. Patents

______ 5. Notes payable, due in six months

______ 6. Taxes payable

______ 7. Prepaid rent (for the next nine months)

______ 8. Bonds payable, due in ten years

______ 9. Machinery

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Financial Accounting: The Impact on Decision Makers

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