Which line items would be classified as noncurrent on a classified balance sheet?
A)Cash;Supplies;Accounts Payable
B)Equipment;Other Assets;Notes Payable
C)Supplies;Equipment;Notes Payable
D)Accounts Receivable;Equipment;Other Assets

Question

Which line items would be classified as noncurrent on a classified balance sheet?
A)Cash;Supplies;Accounts Payable 
B)Equipment;Other Assets;Notes Payable 
C)Supplies;Equipment;Notes Payable 
D)Accounts Receivable;Equipment;Other Assets

Quizplus · Accepted Answer

Current assets are assets that will be used up or converted into cash within 12 months of the balance sheet date.Current liabilities are debts and obligations that will be paid,settled,or fulfilled within 12 months of the balance sheet date.Noncurrent (or long-term)assets and liabilities do not meet the definition of current.Noncurrent assets include Equipment and Other Assets.Noncurrent liabilities include Notes Payable due in two years.

Which Line Items Would Be Classified as Noncurrent on a Classified