-Refer to Baloon-E-Tunes

question 170

Essay

$$\begin{array} { l r l r } \text { Retained earnings } & \$ 370,000 & \text { Notes payable (due in 6 years) } & \text { \$120,000 } \\\text { Accumulated depreciation } & 130,000 & \text { Salaries payable } & 10,000 \\\text { Income taxes payable } & 240,000 & \text { Supplies } & 20,000 \\\text { Plant } & 480,000 & \text { Accounts payable } & 360,000 \\\text { Cash } & 110,000 & \text { Inventory } & 330,000 \\\text { Accounts receivable } & 350,000 & \text { Land } & 500,000 \\\text { Common shares } & 600,000 & \text { Prepaid insurance } & 40,000\end{array}$$
-Refer to Baloon-E-Tunes.Prepare the long-term asset section of the balance sheet at December 31.You may omit the heading.Why are these amounts classified as "long term"?

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Definitions:

Infused

To steep or soak a substance in liquid to extract its flavor or to imbue the liquid with its properties.

Nasogastric Tube

A tube inserted through the nose into the stomach for feeding, medication delivery, or gastric decompression.

Effective Absorption

The successful uptake of substances, such as nutrients or drugs, into the body for use or storage.

Supine Position

A horizontal position where a person lies flat on their back.