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.