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You have been asked to review the December 3 1 , 2 0 2 4 , balance sheet for Champion Cleaning. After completing your review,
You have been asked to review the December balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior: An investment of $ is included in current assets. Management has indicated it has no intention of liquidating the investment in A $ note payable is listed as a longterm liability, but you have determined that the note is due in equal annual installments with the first installment due on March Deferred revenue of $ is included as a current liability even though only twothirds will be recognized as revenue in and the other onethird in Determine the appropriate classification of each of these items.Note: If no entry is required for classification, choose No entry".
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