Place an X in the appropriate classification for each balanc

Place an “X” in the appropriate classification for each balance sheet item listed below. Short-Term Asset Long-Term Asset Short-Term Liability Long-Term Liability Payroll taxes due Accounts receivable Land Mortgage payable (non-current) Buildings Note payable (due in 24 months) Inventory Accounts payable Cash on hand Assignment Exercise 3–1: Assets and Liabilities Review the chapter text about assets and liabilities and Exhibits 3-1 and 3-2. Required 1. Find three separate references to assets and to liabilities in health care organizations in published news sources such as The Wall Street Journal or Business Week. 2. Based on this information, comment on whether the assets and/or liabilities that you have found appear to be current (short-term) or long-term. What led you to believe this? 3. If you were the author of these articles, would you have been more specific? If so, why? If not, why not?

Place an “X” in the appropriate classification for each balance sheet item listed below.

Short-Term

Asset

Long-Term

Asset

Short-Term

Liability

Long-Term

Liability

Payroll taxes due

Accounts receivable

Land

Mortgage payable

(non-current)

Buildings

Note payable

(due in 24 months)

Inventory

Accounts payable

Cash on hand

	Short-Term Asset	Long-Term Asset	Short-Term Liability	Long-Term Liability
Payroll taxes due
Accounts receivable
Land
Mortgage payable (non-current)
Buildings
Note payable (due in 24 months)
Inventory
Accounts payable
Cash on hand

Solution

Payroll taxes due - - - Short-term liability

Accounts receivable - - - Short-term asset

Land - - - Long-term asset

Mortgage payable (non-current) - - - Long-term liability

Buildings - - - Long-term asset

Note payable (due in 24 months) - - - Long-term liability

Inventory - - - Short-term asset

Accounts Payable - - - Short-term liability

Cash on hand - - - Short-term asset