financial accounting

ABC Corporation intends to set up a new business unit; they are in the process ofidentifying their current assets and liabilities. Classify the following items into the one ofthese categories: current assets, non-current assets, current liabilities, non-currentliabilities, equity, and profit and loss statement. In addition, state the rationale for yourselection.Finished goods inventoryRaw materialsBank loan with a repayment date three years from todayBank loan with a repayment date six months from todayOutstanding receivables from products soldDepreciation expenseSalary expense for employeesInterest expense (payable to bank for loans)Money owed to a supplier for raw materials purchasedDividends to be paid to shareholders two months from todayRetained earningsShareholder’s paid-in capitalMachinery and equipmentAccrued salaries and related expenses such as payroll taxesIncome tax to be paid to the US government one month from todayCash and cash equivalentsBuildingGoodwillBonds payable to be paid in 15 months