Sheho Bulk Foods Ltd. sells a wide range of foods in bulk to retail and commercial customers. Classify each of the following of Sheho’s balance sheet accounts as a current asset, non-current asset, current liability, or non-current liability. Briefly explain your classification:
a. inventory of food products on display in the store
b. accounts payable owed to suppliers; these are usually paid within 60 days of receiving an invoice from the supplier
c. accounts receivable from commercial customers; payment is required within 30 days
d. bins used to store inventory
e. art work in Sheho’s president’s office
f. a bank loan that the bank can ask the company to repay at any time
g. an account receivable that will be paid by the customer in two years
h. a loan that is to be repaid in full in three years