1. An example of an item that is not a current asset is (a) Accounts receivable (b) Inventory (c) Equipment (d) Cash (f) None of these 2. Topic: Transactions and the business equation Level of...

1. An example of an item that is not a current asset is (a) Accounts receivable (b) Inventory (c) Equipment (d) Cash (f) None of these

2. Topic: Transactions and the business equation Level of difficulty: Low Please refer to the Vivaldi Company (1) review exercise above. Required 1 Show the impact of each event on the accounting equation (recording the purchases of merchandise first in inventory in the balance sheet before they are consumed). 2 Prepare the year-end statement of financial position or balance sheet reflecting the events listed in A through K above.