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One of a firm assets is 270-day commercial paper that the firm intends to hold to maturity. One of its liabilities is a short position in a common stock, which the firm holds for trading purposes. How should this asset and this liability be classified on the firm balance sheet?% l0 P3 a9 @4 K7 J
A. Both should be classified as current.
" M% ?, m$ ]) c% DB. Both should be classified as non-current.
3 r( x# e: R1 a; Q6 DC. One should be classified as current and one should be classified as non-current.! d5 D( e% P6 j
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