1. Which of the following items cannot be found on a firm’s balance sheet under current liabilities?
a. Accounts payable.
b. Short-term notes payable to the bank.
c. Accrued wages.
d. Cost of goods sold.
e. Accrued payroll taxes.
2. Which of the following items should not be included in a listing of current assets?
a. Marketable securities
b. Accounts payable
c. Accounts receivable
d. Inventories