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2 years ago

the accounts payable account is a(n) account. multiple choice question. expense revenue asset liability

1 answer:

vladimir2022 [97]2 years ago

5 0

An account is the accounts payable account. query with several options. costs, revenues, assets, and liabilities is liability

Given that it is money owing to creditors and appears on the balance sheet under current liabilities, accounts payable is a liability.

Accounts Payable is the term used when a business acquires products on credit that must be repaid within a short period of time. It is categorized under the category of "current liabilities" and is handled as a liability. A short-term debt payment called accounts payable must be made in order to stay in good standing.

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4 years ago

Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of

Ivan

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Explanation:

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Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment.

Accounts receivable $858,000

Estimated percentage uncollectible 10%

Allowance for uncollectible accounts $20,000 (credit)

Operating income $249,000

1. Record the adjustment for uncollectible accounts using the accountant's estimate of 10% of accounts receivable.

Dr Bad debt expense 65,800

Cr Allowance for uncollectible accounts 65,800

($858,000 x 10%) - $20,000 = $65,800

2. After the adjustment is recorded in Requirement 1, what is the revised amount of operating income?

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3. Willie instructs the accountant to record the adjustment for uncollectible accounts using 7% rather than 10% of accounts receivable. Now will Willie get his salary bonus? Explain.

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so adjusted net income = $249,000 - $40,060 = $208,940

Willie will get his bonus.

By how much would total assets and operating income be misstated using the 7% amount?

$65,800 - $40,060 = $25,740

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4 years ago