Chapter 15.I, Problem 12RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

For the following balance sheet items, check the appropriate category.

Current |
Fixed |
Current |
Long-Term |
Owner’s |
||||

Asset |
Asset |
Liability |
Liability |
Equity |
||||

Land | ___ | ___ | ___ |

To determine

The category of a balance sheet item “land” from the following categories:

Current asset | Fixed asset | Current liability | Long-term liability | Owner’s equity |

Explanation

**Given Information:**

The categories of a balance sheet item are as follows:

Current asset | Fixed asset | Current liability | Long-term liability | Ownerâ€™s equity |

Assets that are meant to be present in an organization for an extensive period of time are called fixed asset. And, it will be used by firm in the operation of business for a longer period, which is more than one year...

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