asked 17.1k views
1 vote
Cullumber Company had the following assets on January 1, 2022.

A. Current Assets
B. Fixed Assets
C. Total Assets
D. Intangible Assets

asked
User Ed Fryed
by
7.2k points

1 Answer

6 votes

Final answer:

The subject of this question is Business and it pertains to the classification of assets.

Step-by-step explanation:

The subject of this question is Business.

Current assets are assets that are expected to be converted into cash or used up within one year. Examples include cash, accounts receivable, and inventory. Fixed assets, on the other hand, are long-term assets that are not expected to be converted into cash within one year, such as buildings, equipment, and land.

Total assets refer to the sum of both current and fixed assets. Lastly, intangible assets are assets that lack physical substance, such as patents, copyrights, and trademarks.

answered
User Zooes
by
7.4k points
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