Problem
1. What is the purpose of balance sheet classification? How useful is the information produced from a classified balance sheet? What are some alternative classification systems that could be used?
2. Why have mutually unperformed executory contracts traditionally been excluded from financial statements- Can this practice be justified in terms of asset and liability definitions? How relevant is this approach for professional sports franchises?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.