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Alchen [17]
3 years ago
7

A firm has $260,000 in assets and $158,000 in stockholders' equity. it owes $55,000 from a long-term loan, and this is its only

long-term liability. this firm has ____ in total current liabilities.
Business
1 answer:
Nina [5.8K]3 years ago
7 0
$47,000 in total current liabilities. 

$260,000- ($158,000+$55,000)= $47,000 


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6 0
1 year ago
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Arte-miy333 [17]

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5 0
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Read 2 more answers
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lora16 [44]

Answer:

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the job is complete on July 31th

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and <em>we recognize the service revenue </em>for the whole amount of the contract

The cash receipt occurs on March 1st so w edon't haveto post anythign related to cash on July 31th.

the unearned revenue account is used first because the business has the obligation of perform the job or return the cash. So it is a liablity until the job is completed

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