Classifying assets and liabilities as current or long-term [10 min]Link Back to Chapter 3...

Classifying assets and liabilities as current or long-term [10 min]

Link Back to Chapter 3 (Book Value). Examine Jet Fast Printing’s account balances in Short Exercise.

Requirements

1. Identify the assets (including contra assets) and liabilities.

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2. Classify each asset and each liability as current or long-term.

Classifying assets and liabilities as current or long-term [5 min]

Jet Fast Printing reported the following:

Requirement

1. Identify or compute the following amounts for Jet Fast Printing:

a. Total current assets

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b. Total current liabilities

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c. Book value of plant assets

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d. Total long-term liabilities