A first$-$year accounting student is confused by a statement made in a recent class.

Her instructor stated that the assets listed in the balance sheet of the HP

Corporation include computers that are classified as current assets, as well as

computers that are classified as long$-$term assets.

Explain the differences between current and long$-$term assets.

Explain to the student why HP would have computers listed in both current

and long$-$term assets.

Do you think the Balance Sheet is an important financial statement? Why?