Chapter 15.I, Problem 23RE

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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 |
||||||

Merchandise inventory | ________ | ______ | ______ | _________ | _____ |

____

To determine

The category of a balance sheet item “merchandise inventory” 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 |

Merchandise inventory is the inventory that a distributor has acquired with the idea of selling to the third party. It is represented under the head â€˜Current Assetâ€™...

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