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24 Chapter 10 Long-Term Assets: Fixed and Intangible Itscussion (1)estions O'Neil Office Supplies has a fleet of automobiles and trucks for use by salespersons and

24 Chapter 10 Long-Term Assets: Fixed and Intangible Itscussion (1)estions O'Neil Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Collins Auto Sales Co. has automobiles and trucks for sale. Under what caption would the automobiles and trucks be reported in the balance sheet of (a) O'Neil Office Supplies and (b) Collins Auto Sales Co

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