Indicate whether each of the following assets and liabilities typically should be classified as current or long-term:
Question:
Indicate whether each of the following assets and liabilities typically should be classified as current or long-term:
(a) Accounts receivable within the next 60 days;
(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;
(f) Patent with 12-year remaining legal life.
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