Question: (Learning Objective 3: Classifying assets based on liquidity) A thorough review of GP Broadcasting assets at the end of December 31, 20X5 resulted in the

(Learning Objective 3: Classifying assets based on liquidity) A thorough review of GP Broadcasting assets at the end of December 31, 20X5 resulted in the following information:

■ Cash on hand and cash at bank totaled $483,000

■ Fixed term deposits with banks totaled $140,000 (matures July 1, 20X7)

■ Inventories totaling $304,000

■ Trade receivables totaling $249,000

■ Loans to employees of $100,000, 30% of which is due by end of 20X6

■ PPE with a historical cost of $149,000 and accumulated depreciation of $12,000

■ Investment in associate companies using equity method at $45,000

■ Short-term investment in publicly traded shares of listed companies at $12,000 What are GP Broadcasting’s current and non-current assets?

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