Chapter 15.I, Problem 14RE

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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 |
||||||

Marketable securities | __________ | __________ | __________ | __________ | __________ |

To determine

The category of a balance sheet item “marketable securities” 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 a short period of time are called current asset.

They can be converted into cash before a period of twelve months and can be sold in the normal course of business...

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