Answer:
The answer is D. That will be used up or converted to cash within 12 months.
Explanation:
Assets are what an entity owns and controls or Asset is a resource controlled by an entity as a result of past events and from which economic benefits are expected to flow to the entity.
Current assets are assets that are expected to provide economic benefits within a year(12months)
Examples are cash and cash equivalent, inventory, accounts payable, accounts receivable.
Option A is incorrect because any asset that can last for more than a year or many years is a non-current asset e.g plant and equipment, land etc.
Option B is also incorrect because any asset must be paid for within 12 months is a liability
Answer:
1.6 hour
Explanation:
Given
Rate of Arrival =30 per hour
Rate of Processing = 25 per hour
Open Time = 8am
Close Time = 4pm
How long the last package has to wait before it is processed is calculated by;
Duration = ∆Time/∆Rate
∆Time = 4pm - 8am
∆Time = 8 hours
∆Rate = Rate of Arrival - Rate of Processing
∆Rate = 30 - 25
∆Rate = 5 per hour
Duration = 8 hours ÷ 5 per hour
Duration = 1.6 hours
Answer:
A. Accounts Payable 1,280 Cash 1,280
Explanation:
Jawbreaker Company paid $640 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $640 and a credit to Accounts Payable of $640.
The correcting entry is a debit to Accounts Payable of 1,280 and a credit to Cash of 1,280
The correct entry for payment of a creditor on account is to
Dr Account Payable........640
Cr Cash......................................640
However the opposite to the above entry was passed which will give rise to an error double the impact of the transaction value because:
1.The correct transaction to the value of $640 is missing
2. The opposite of the transaction to the value of $640 is existing.
Hence the impact of the error is double the amount which explains the reason why the correction involved twice the value of $640 which is $1,280
Answer:
The correct option is B
Explanation:
When making a purchase a consumer attempts to get the greatest value possible from expenditure of least amount of money, this is the economic concept of maximizing utility. To maximize the total value derived from the available money.
Answer:
$47,100
Explanation:
The cost of goods available for sale is the sum of the opening balance and the net purchases during the period.
The net purchases is the difference between the total purchases and the allowances and discounts and returns.
Hence,
Cost of goods available for sale
= $15,000 + $40,000 - $2,000 - $500 - $5,700 + $300
= $47,100
