1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
svetoff [14.1K]
3 years ago
5

Barkatorium Pet Supplies established a line of credit with its local bank and used (borrowed) $95,000 against it to purchase its

first year's inventory. Since it is required to repay the money before the end of its fiscal year, the company's accountant lists this liability with the current liabilities on the balance sheet.True / False.
Business
1 answer:
malfutka [58]3 years ago
6 0

Answer:

True

Explanation:

Since it is given in the question that the $95,000 amount is borrowed from the local bank against the purchase its first year's inventory and the same is to be repaid before the end of its fiscal year.

So if the payment is made within the one year the same is to be classified as  current assets and is to be reported on the balance sheet

You might be interested in
What you mean of economical and effective utilization of resources in food service management?
Mekhanik [1.2K]
Food security is defined by the Food and Agriculture Organization (FAO) as: ... Access covers economic and physical access to food. Improving access requires better market access for smallholders allowing them to generate more income from cash crops, livestock products and other enterprises.

Hope it helps you my dear:)
Plss mark me as brainliest :) thanks
3 0
3 years ago
Raul, a salesperson for the lovely landscapes landscaping company, is working with a longtime customer who is interested in eith
Alik [6]
The answer is contingency design. It is the sum incorporated into a development spending plan to take care of extra expenses for conceivable outline changes. The measure of possibility fluctuates with the phases of outline. As the plan is finished, the possibility ought to be diminished to almost zero for most school ventures.
7 0
3 years ago
Krysel inc. is expecting a new project to start producing cash flows, beginning at the end of this year. they expect cash flows
Helen [10]
FW = PW×(1.092)^n = $4,429,045.62

5 0
3 years ago
A positive shift in attitude occurs as a result of ___________.
brilliants [131]
Hardwork is right answer
7 0
3 years ago
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macros
wariber [46]

Explanation:

The preparation of the cash flows from operating activities section is shown below:-

Working note:-

Sales                                                            $330

Add Decrease in Accounts Receivables   $7

Cash collected from customers                 $337                              

Cost of goods sold                                      $130

Add Increase in inventory                           $13

Less Increase in accounts payable            $19

Paid cash to suppliers                                 $124

Salary expenses                                           $41

Less Increase in payable salaries                $7

Paid cash to employees                               $34

Insurance expenses                                      $21

Less Decrease in prepaid insurance            $5

Paid cash for insurance                                $16

Income tax expenses                                     $65

Less Increase in income tax payable            $11

Paid cash for income tax                               $54

Interest expenses                                           $13

Less Decrease in bond expenses                  $2

Paid cash for interest expense                       $11

Statement of Cash Flow

Cash collected from customers                    $337

Gain on sale of cash equivalents                  $3

less: Paid cash to suppliers                           $124

less: Paid cash to employees                        $34

less: Paid cash to insurance                           $16

less: Paid cash for interest                              $11

less: Paid cash for income tax                        $54

Net cash provided by operating activities     $101

3 0
3 years ago
Other questions:
  • When considering the gothic tradition in literary production alone, when does it emerge most predominantly?
    6·1 answer
  • At colleges and universities, the ethics review process is managed by a committee that is commonly named: Group of answer choice
    12·1 answer
  • Jenna decides to purchase a U.S. Treasury Bill for 95,000. The Treasury Bill matures in 180 days for 100,000. Let QR be the quot
    13·1 answer
  • The use of ___________ is based, in part, on the belief that the term is broader than public relations, and encompasses all comm
    9·1 answer
  • Do you think that the 330 triathletes who responded to the survey may be considered a random sample from the population of triat
    13·1 answer
  • Broker A is involved in an exclusive right to sell listing with his seller client, Seller S. After receiving the property condit
    5·1 answer
  • A step-by-step process that involves several procedures such as defining the problem, collecting relevant information, and analy
    14·1 answer
  • At the beginning of his current tax year, David invests $13,410 in original issue U.S. Treasury bonds with a $10,000 face value
    13·1 answer
  • How will the depreciation of the Japanese Yen vis-à-vis the USD impact FDI from U.S. into Japan?
    12·1 answer
  • The price of a good rises from $4.00 to $4.50, and as a result, total revenue falls from
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!