Cashaccountsreceivableprepaiditems b

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Unformatted text preview: e sheet. Balance Sheet Balance Sheet Review The correct order to present current assets is a. Cash, accounts receivable, prepaid items, b. Cash, accounts receivable, inventories, prepaid items. c. Cash, inventories, accounts receivable, prepaid items. d. Cash, inventories, prepaid items, accounts receivable. Chapter 5- 9 inventories. LO 2 Identify the major classifications of the balance sheet. Balance Sheet – “Current Assets” Balance Sheet – “Current Assets” Cash Generally any monies available “on demand.” Cash equivalents ­ short­term highly liquid investments that mature within three months or less. Restrictions or commitments must be disclosed. Illustration 5-3 Chapter 5-10 LO 2 Identify the major classifications of the balance sheet. Balance Sheet – “Current Assets” Balance Sheet – “Current Assets” Short-Term Investments Portfolios Type Valuation Classification Held­to­Maturity Debt Amortized Cost Current or Noncurrent Trading Debt or Equity Fair Value Current Available­ for­Sale Debt or Equity Fair Value Current or Noncurrent Chapter 5-11 LO 2 Identify the major classifications of the balance sheet. Balance Sheet – “Current Assets” Balance Sheet – “Current...
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