Which of the following represents current assets on a balance sheet?

Current assets on a balance sheet are defined as assets that are expected to be converted into cash or used up within one year or within a company's operating cycle, whichever is longer. Marketable securities are included in this category because they are readily tradable financial instruments that can be quickly converted to cash at prevailing market prices, thus providing liquidity to the company.

When assessing the balance sheet, marketable securities represent financial investments that can be cashed in or liquidated, usually without a significant time lag, making them a crucial component of current assets. This includes stocks, bonds, and other securities that can be sold in the short term.

The other options represent categories of assets or liabilities that do not meet the criteria for current assets: accounts payable are liabilities and reflect obligations to pay others; long-term debt denotes obligations that are due beyond one year; and investments in subsidiaries are considered long-term assets, as they are held for periods longer than one year and are not easily convertible to cash. Therefore, marketable securities are the correct representation of current assets on a balance sheet.