If assets are expected to be realized in cash, sold, or consumed within one year, how are they reported on a classified balance sheet?

Question

Quizplus · Accepted Answer

Current assets are those that are expected to be realized in cash, sold, or consumed within one year. Examples include cash and cash equivalents, accounts receivable, inventory, and prepaid expenses. Property, plant, and equipment and intangible assets are usually classified as non-current assets because they are expected to last longer than one year. Current liabilities are debts that are expected to be paid within one year.

If Assets Are Expected to Be Realized in Cash, Sold