Prepaid expenses is the name for intangible assets that will be used up in the near future;
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Prepaid expenses is the name for intangible assets that will be used up in the near future; that is, they are intangible [current / noncurrent]
assets. (The reason for using the word “expense” will be explained in Part 5 .)
Exhibit 1 shows that Garsden Company had $ of prepaid expenses on December 31, 2012.
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