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I need to find which of the following assets and liabilities are current/short-term: Assets: Bonds ;...

I need to find which of the following assets and liabilities are current/short-term:

Assets: Bonds ; Preferred stocks ; Common stocks ; Mortgage loans ; Real estate ; Cash, cash equivalents and short-term investments .; Contract loans ; Derivatives ; Securities lending collateral assets ; Other long-term investments ; Investment income due and accrued ; Net deferred federal income tax asset ; Other assets ; Separate account assets .

Liabilities: Reserves for life and health insurance, annuities and deposit-type contracts ; Dividends due to policyholders  ; Interest maintenance reserve ; Federal income taxes payable  ; Asset valuation reserve ; Derivatives  ; Payable for collateral for securities loaned ; Other liabilities ; Separate account liabilities

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Answer #1

Assets

Assets can be divided into two categories: current and noncurrent. Current assets are items listed on a company's balance sheet that are expected to be converted into cash within one fiscal year.

The following assets can be easily converted into cash, hence they are current assets:

Current Assets:

  • Cash
  • Cash Equivalents and Short Term Investments
  • Contract Loans
  • Derivatives
  • Securities lending collateral assets
  • Investment income due and accrued
  • Other Assets
  • Separate Account Assets

Liabilities

A short-term liability is a financial obligation that is to be paid within one year. This type of liability is classified within the current liabilities section of an entity’s balance sheet.

Short Term Liabilities:

  • Dividends due to policyholders
  • Federal income taxes payable
  • Derivatives
  • Payable for collateral for securities loaned
  • Other liabilities
  • Separate account liabilities
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