Question

Please identify the most accurate classification for these items: Books waiting to be sold sitting in...

Please identify the most accurate classification for these items:

Books waiting to be sold sitting in a book retailer’s warehouse

Wages due to employees for worked performed in current period but still unpaid

Land owned by the company

Unearned revenue from the sale of gift cards expiring within the year

A 1 Current Asset; 2. Current Asset; 3. Long Term Asset; 4. Current Liability

B 1 Current Asset; 2. Long Term Liability; 3. Long Term Asset; 4. Long Term Liability

C 1 Current Asset; 2. Current Asset; 3. Long Term Asset; 4. Retained Earnings

D 1 Current Asset; 2. Retained Earnings; 3. Long Term Asset; 4. Retained Earnings

E 1 Current Asset; 2. Current Liability; 3. Long Term Asset; 4. Current Liability

Business   Accounting   
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Answer #1

Ans. E 1 Current Assets; 2 Current Liability; 3 Long Term Asset; 4 Current Liability.

1. Books waiting to be sold sitting in a book retailer’s warehouse = Inventory (Current assets).

2. Wages due to employees for worked performed in current period but still unpaid = Outstanding expenses (Current liabilities).

3. Land owned by the company = Fixed asset (Long-term asset)

4. Unearned revenue from the sale of gift cards expiring within the year = Income received in advance (Current liabilities).

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