Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA),
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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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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1285183237
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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