Classifying assets and liabilities as current or long-term Jet Fast Printing reported the following:
|
Buildings
|
$4,200
|
Service revenue
|
$1,115
|
|
Accounts payable
|
600
|
Cash
|
400
|
|
Total expenses
|
1,200
|
Receivables
|
700
|
|
Accumulated depreciation
|
3,000
|
Interest expense
|
110
|
|
Accrued liabilities (such as Salary payable)
|
400
|
Equipment
|
1,100
|
|
Prepaid expenses
|
300
|
|
|
Requirements
1. Identify the assets (including contra assets) and liabilities.
2. Classify each asset and each liability as current or long-term.