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Which of the following accounts must be presented in the current assets section of the statement of financial position? OSupplies OBuildings Land Cash Accounts payable Accounts receivable Accumulated depreciation Equipment Prepaid expenses Investments for 8 months Patents Long-term debt Inventory Salaries and wages payable
Which of the following accounts must be presented in the current assets section of the statement of financial position? OSupplies OBuildings Land Cash Accounts payable Accounts receivable Accumulated depreciation Equipment Prepaid expenses Investments for 8 months Patents Long-term debt Inventory Salaries and wages payable
Expert Solution
Current assets on the balance sheet include cash, cash equivalents, short-term investments, and other assets that can be quickly converted to cash—within 12 months or less. Because these assets are easily turned into cash, they are sometimes referred to as liquid assets.
From the about given items, following will be presented in the current assets section of financing position :-
- Supplies
- Cash
- Accounts receivable
- Prepaid expenses
- Investment for 8 months
- Inventory
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