Asset & Liability

Extra Credit Assignment

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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