Extra Credit Assignment
Practice Exercise 4-1
Place an “X” in the appropriate classification for each balance sheet item listed below.
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Short-Term Asset |
Long-Term Asset |
Short-Term Liability |
Long-Term Liability |
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Payroll taxes due |
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Accounts receivable |
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Land |
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Mortgage payable (non-current) |
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Buildings |
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Note payable (due in 24 months) |
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Inventory |
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Accounts payable |
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Cash on hand |
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