A Company That Produces Drugs Is Preparing a Statement of Financial

Multiple Choice

A company that produces drugs is preparing a statement of financial position.Which of the following would be most likely to be considered a long-term asset on this statement of financial position?

A) commercial paper held by the company
B) the inventory of chemicals used to produce the drugs made by the company
C) a patent for a drug held by the company
D) the cash reserves of the company
E) money owed to the firm by customers who have purchased goods on credit