Question

Classify each of the following as assets or liabilities for Shenefield Company:
A. Shenefield Company owes its suppliers $ 50,000.
B. Shenefield Company’s customers owe it $ 40,000.
C. Shenefield Company has $ 100,000 in its checking account.
D. Shenefield Company owes the bank $ 20,000 on a five- year loan.
E. Shenefield Company owns a building costing $ 500,000.
F. Shenefield Company’s employees have worked all week but have not been paid the $ 5,000 owed to them.
G. Shenefield Company has developed a new process that is protected by a patent costing $ 16,000.


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  • CreatedMarch 25, 2015
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