Why are some assets and liabilities classified as current

Reference no: EM13611523

Why are some assets and liabilities classified as current and other are classified as long-term? Explain the favorable and unfavorable characteristics of a corporation compared to sole proprietorships and partnerships. Which assets are depreciated, depleted and amortized? Can a company record a gain or loss on the original sale of Corporate Stock or on Treasury Stock transactions?

Reference no: EM13611523

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