Use the information to answer the question below
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
A. i and ii
B. iv and v
C. iii and v
D. ii and iv
Correct Answer:
Option B – iv and v
Explanation
Current Liabilities = Notes payable + Accounts payable + Accrued expenses + Unearned revenue + Current portion of long term debt + other short term debt.
From the question above, Loans from friends and creditors are liabilities the rest are assets
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