You have been asked to review the December 31, 2021, balancesheet for Champion Cleaning....

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Accounting

You have been asked to review the December 31, 2021, balancesheet for Champion Cleaning. After completing your review, you listthe following three items for discussion with your superior: Aninvestment of $33,000 is included in current assets. Management hasindicated that it has no intention of liquidating the investment in2022. A $130,000 note payable is listed as a long-term liability,but you have determined that the note is due in 10, equal annualinstallments with the first installment due on March 31, 2022.Deferred revenue of $69,000 is included as a current liability eventhough only two-thirds will be recognized as revenue in 2022, andthe other one-third in 2023. I need these numbers put into theappropriate classification please.

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Solution 1 Longterm investment represents the companys investment that is intended to hold for more than one year Longterm investment includes stocks bonds and cash It represents as noncurrent asset on the assets side of a company balance sheet Whereas shortterm investment represents the companys See Answer

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In: AccountingYou have been asked to review the December 31, 2021, balancesheet for Champion Cleaning. After...You have been asked to review the December 31, 2021, balancesheet for Champion Cleaning. After completing your review, you listthe following three items for discussion with your superior: Aninvestment of $33,000 is included in current assets. Management hasindicated that it has no intention of liquidating the investment in2022. A $130,000 note payable is listed as a long-term liability,but you have determined that the note is due in 10, equal annualinstallments with the first installment due on March 31, 2022.Deferred revenue of $69,000 is included as a current liability eventhough only two-thirds will be recognized as revenue in 2022, andthe other one-third in 2023. I need these numbers put into theappropriate classification please.