Asked by Trevia Knight on May 20, 2024
Verified
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) current liability, (c) revenue, or (d) expense:
Financial Statements
Reports detailing the financial performance, position, and cash flows of a business over a specific period.
Current Asset
Resources anticipated to be turned into cash, disposed of, or used up within a period of one year or the duration of the business's operational cycle, depending on which timeframe extends further.
Current Liability
A financial obligation that is due within one year or within the normal operating cycle of a business, which typically includes accounts payable, short-term loans, and accrued liabilities.
- Explain and organize a categorized balance sheet.
Verified Answer
BC
Brittany crossMay 24, 2024
Final Answer :
(1)current asset
(2)current liability
(3)current asset
(4)expense
(5)expense
(6)current asset
(7)current liability
(8)revenue
(2)current liability
(3)current asset
(4)expense
(5)expense
(6)current asset
(7)current liability
(8)revenue
Learning Objectives
- Explain and organize a categorized balance sheet.