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Unformatted text preview: Inventory of finished goods. Inventory of work in process. Borderline cases that have been classified on the basis of assumptions are: 1. Notes receivable are assumed to be collectible within one year or the operating cycle. 2. U.S. government securities are assumed to be a temporary investment of current funds. 3. Accounts receivable—government contracts are assumed to be collectible within one year or the operating cycle. 4. Notes payable are assumed to be due within one year or the operating cycle. ( Note to instructor: Allowance for doubtful accounts receivable is not a current asset. It, however, would appear in the current asset section.)...
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This note was uploaded on 11/08/2009 for the course ACCTG 480 taught by Professor Wells,w during the Spring '08 term at University of Washington.
- Spring '08