Question: 1) Johnson Electronics has requested your advice on when assets need to be classified as current assets. (2) Baxter Controls has requested your advice on

1) Johnson Electronics has requested your advice on when assets need to be classified as current assets. (2) Baxter Controls has requested your advice on when a contingent liability should be recorded as a liability. FYI: Here is the first row of Exercise (1). (See page 25 Figure 2-3 Eight Elements of Reasoning- purpose, issue, information, concepts, assumptions, interpretation, implications, conclusion) (a) Purpose Respond to the clients request for information. SEE book Accounting & Auditing Research Tools & Strategies, 7th Edition

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