Question: 1. Classify the following assets as
(1) current assets,
(2) plant assets, or
(3) intangible assets:
(a) land used in operations,
(b) office supplies,
(c) receivables from customers due in 10 months,
(d) insurance protection for the next 9 months,
(e) trucks used to provide services to customers,
(f) trademarks.
2. Cite at least two examples of assets classified as investments on the balance sheet.
3. Explain the operating cycle for a service company.