$1$ For the following table, select the box that describes each account. Either place a color or other mark to reflect your choice.

Please Note: For Mortgage Payable, assume it's the balance due after the first year.

$\backslash$table$[[,$Short Term,Long Term,Short Term,Long Term$],[,$Asset,Asset,Liability,Liability$],[$Inventory$,,,,],[$Buildings$,,,,],[$Land$,,,,],[,,,,],[$Cash on Hand,,,,$],[$Accounts Payable,,,,$],[,,,,],[$Mortgage Payable,,,,$],[,,,,],[$Accounts Receivable,,,,$],[$Payroll Taxes Due,,,,$],[,,,,]]$

$2$ Explain the difference between Current and Long Term Assets.