Question: Practice Exercise 4-1 Place an X in the appropriate classification for each balance sheet item listed below. Short-Term Asset Long-Term Asset Short-Term Liability Long-Term Liability

Practice Exercise 4-1 Place an "X" in the appropriate classification for each balance sheet item listed below. Short-Term Asset Long-Term Asset Short-Term Liability Long-Term Liability Payroll taxes due Accounts receivable Land Mortgage payable (non-current) Buildings Note payable (due in 24 months) Inventory Accounts payable Cash on hand

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