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Which ones are considered current assets, other assets, current liabilities, and other liabilities? Express Catering, Inc. Financial Statements (kept on a GAAP basis): Balance Sheet

image text in transcribedimage text in transcribedWhich ones are considered current assets, other assets, current liabilities, and other liabilities?

Express Catering, Inc. Financial Statements (kept on a GAAP basis): Balance Sheet Assets: 12/31/2018 12/31/2019 62,500 $ 59,000 Cash $ 1,037,000 Accounts Receivable 145,000 177,000 Less: Allowance for Bad Debts (32,000) (41,000) Inventory 96,000 Publicly traded securities 100,000 0 Tax-exempt bond 100,000 0 U.S. Treasury Bonds 125,000 125,000 Fixed Assets 2,955,000 Less: Acc. Depreciation (436,500) (715,000) Prepaid Insurance 0 15,750 Prepaid Rent 38,500 39,500 Prepaid Advertising 27,500 2,115,000 0 Total Assets: $2,276,500 $3,716,750 Liabilities and Shareholders' Equity: Accounts Payable 102,000 131,000 Accrued Bonuses 45,000 0 Accrued Vacation 62,500 73,000 Accrued Wages 44,500 51,500 Event Deposits 0 100,000 Income Tax Payable $46,820 Deferred Tax Liability 14,000 Note Payable-First Bank of NY (Credit Line) 424,000 657,000 Note Payable-EG Capital Equipment Leasing 1,243,000 1,415,000 0 45,910 Capital Stock 1,000 1,000 Additional paid-in Capital 99,000 99,000 Retained Earnings-Unappropriated 1,128,430 209,590 Total Liabilities and Shareholders' Equity: $2,276,500 $3,716,750 Income Statement for the period ending December 31, 2019

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