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3 years ago

A current liability is a debt that can reasonably be expected to be paid

Business

1 answer:

krok68 [10]3 years ago

5 0

Answer: Option A

Explanation: In simple words, current liabilities refers to the obligations that are risen due to borrowings made for uses that were short term or non repetitive.

The liquidity of a company is a measurement of its ability to pay short term debt. The current liabilities are either paid in a year or in an operating cycle whichever is longer.

Hence the correct option is A.

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As of December 31, 2019, Armani Company’s financial records show the following items and amounts.

MrRa [10]

Answer:

Revenue (Consulting revenue + Rental revenue)=33000+22000=55000.

Operating expense (salaries expense+rent expense)=20000+12000=32000

Selling and administrative expense = 8000

Explanation:

Armani Company

Year end Income statement 2019

Revenue = 55000

less: Operating expense =(<u>32000</u>)

Gross Profit 23000

less :Selling and administrative expense = (<u>8000</u>)

Net profit 15000

Notes: Question should be mentioned the company nature of business so that we can identify company real business.

8 0

3 years ago

While gambling at Prairie Meadows Casino, Troy Blackford became angry and smashed a slot machine. He was banned from the premise

ra1l [238]

Answer:

There is no contract, he has been banned for life

Explanation:

Troy and the casino had no contract. Troy black Ford had no business going back to gamble in the casino because he had already been banned for life for destroying a slot machine. So except this ban had been lifted by prairie meadows, there was no way he could argue that he had a contract and then win the case. Prairie meadows made him no offers so as a result there could be no contract.

3 0

3 years ago

Liberty is calculating her cost of goods sold to enter on her Schedule C. Her inventory at the beginning of the year amounted to

MakcuM [25]

Answer:cost of goods sold for Liberty to enter on her Schedule C = $12,000

Explanation:

Cost of goods sold (COGS) of a company are all the costs ie( the raw materials and labor ) involved directly in the production of the particular goods sold by the company.

Given

Beginning Inventory = $50,000

Purchases regarding Labour and materials= $20,000

Ending inventory = $58,000

Cost of Goods Sold is calculated as Beginning Inventory + Purchases During the Period – Ending Inventory

$50,000 + $20,000 - $58,000

$70,000 - $58,000

$12,000

5 0

3 years ago

A bank will often hold government securities as an asset. If a bank were to sell S500,000 in government securities to an individ

sleet_krkn [62]

Answer:a.

It would increase by $500,000 multiplied by the reciprocal of the required reserve ratio.

Explanation:

A bank will often hold government securities as an asset. If a bank were to sell S500,000 in government securities to an individual who paid for the bond in cash and the bank placed this cash in its vault, by how much would the money supply change as a result - It would increase by $500,000 multiplied by the reciprocal of the required reserve ratio.

The money supply is the entire stock of currency and other liquid instruments circulating in a country's economy and is given by the formula:

MONEY SUPPLY = RESERVES X MONEY MULTIPLIER

Therefore the bank reserves increasing in the scenario will increase money supplier by the effect of the money multiplier or the reciprocal of the required reserve ratio.

5 0

3 years ago

Actual sales volume for a period is 5,000 units. Budgeted sales volume is 4,500. Actual selling price per unit is $15 and budget

dlinn [17]

If the actual sales volume is 5000 units,budgeted sales volume is 4500, actual selling price be $15 per unit and the budgeted price per unit be $15.75 per unit then the sales price variance is -$3750.

Given that actual sales volume is 5000 units,budgeted sales volume is 4500 units, actual selling price be $15 per unit and budgeted price per unit be $15.75 per unit.

We are required to find the sales price variance of the data.

Actual Sales volume = 5,000 units

Budgeted sales volume = 4,500

Actual selling price per unit = $15

Planned selling price = $15.75

So, calculation of the sales price variance is given below:-

Sales variance =Actual quantity sold × (actual selling price - planned selling price)

=5000*(15-15.75)

=5000*(-0.75)

=-$3750

Hence if the actual sales volume is 5000 units,budgeted sales volume is 4500, actual selling price be $15 per unit and the budgeted price per unit be $15.75 then the sales price variance is -$3750.

Learn more about variance at brainly.com/question/15858152

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6 0

1 year ago