Since furniture and store equipment for Billy's Boutique will be held or used for a period longer than one year,they are considered

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Furniture and store equipment are long-term assets that are used in the business for more than one year. Therefore, they are considered fixed assets. Owners' equity refers to the amount of the business that belongs to the owner(s). Revenue is the income earned by the business from its operations. Current assets are assets that can be easily liquidated into cash within one year. Prepaid expenses are payments made in advance for goods or services that will be consumed in the future.

Since Furniture and Store Equipment for Billy's Boutique Will Be