Classify each of the following balance sheet accounts as a current asset, non-current asset, current liability, or non-current liability. Briefly explain your classification:

a. inventory

b. accounts payable that are usually paid within 60 days of receiving an invoice from a supplier

c. accounts receivable from customers that are usually paid within 30 days

d. machines used in a manufacturing facility

e. art work in the company’s head office

f. a bank loan that the bank can ask the company to repay at any time g. an account receivable that will be paid by the customer in two years h. a loan that is to be repaid in full in three years