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TheRedBeanie AndthemagicalSkimaskwithglasses
on Nov 13, 2024

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Long-lived assets held for sale are classified as fixed assets.

Long-Lived Assets

Assets that provide economic benefits to a business over a prolonged period, typically more than one year, such as buildings, machinery, and equipment.

Fixed Assets

Enduring assets with physical presence utilized in business activities, not foreseen to be liquidated or changed to cash within twelve months.

  • Determine the correct categorization of assets in the balance sheet.
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Shelli HensleyNov 16, 2024
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