EX 4-10 Classifying assets

Identify each of the following as (a) a current asset or (b) property, plant, and equipment:

1. Accounts Receivable
2. Building
3. Cash
4. Land
5. Prepaid Insurance
6. Supplies


Answers:
a. Current asset: 1, 3, 5, 6
b. Property, plant, and equipment: 2, 4