Miguel decided to open a lemonade stand on Saturdays. Match Miguel's business activities to the following balance sheet items. (Note: each balance sheet item can only be used once).
-Bought lemons, sugar and (secret ingredient) grapefruit.
A) Long-term liability
B) Accounts payable
C) Accounts receivable
D) Long-term asset
E) Inventory
F) Cash

Question

Quizplus · Accepted Answer

Buying lemons, sugar, and grapefruit for his lemonade stand means Miguel is acquiring ingredients, which are considered inventory - items that will be sold to generate revenue.

Miguel Decided to Open a Lemonade Stand on Saturdays