Answer:
The answer is:
1. N
2. L
3. C
4. N
5. L
6. N
7. C
8. C
9. C
10. L
Explanation:
Current liability is the type of liability whose obligations are due within a year.
Long-term liability is the type of liability whose obligations are due in more than a year's time i.e it has a lifespan of more than a year.
1. Machinery (expected life of 4 years) - N
2. Notes payable (mature in five years). - L
3. Accounts payable (due in 30 days). - C
4. Patents (to expire after 5 years) - N
5. Notes payable (due in 13 to 24 months) - L
6. Prepaid Insurance (6 months of coverage). - N
7. Current portion of long-term debt - C
8. Unearned revenues (to be earned over next 3 months) - C
9. FUTA taxes payable - C
10. Pension liability (to be paid to employees retiring in 2 to 5 years) - L
Answer:
Explanation:
In the classified balance sheet, we summarize the asset and liabilities into various types
Like assets are divided into fixed assets, current assets, and intangible assets.
Likewise, liabilities are also divided into current liabilities, long term liabilities
In every balance sheet, the accounting equation has used that means
Total assets = Total liabilities + Shareholder equity
The preparation of the classified balance sheet for Alpha Co. is presented in the spreadsheet. Kindly find the attachment below:
Answer:
Net income= -$34,200
Explanation:
Giving the following information:
Beta Division:
Sales= $580,000
Variable expenses= $301,600
Traceable fixed expenses of $186,500.
Income= 91,900
Alpha Division:
Sales of $510,000
Variable expenses of $178,500
Traceable fixed expenses of $222,100.
Income= 109,400
The total amount of common fixed expenses not traceable to the individual divisions is $235,500.
<u>We need to deduct from the income of each division the not traceable fixed costs.</u>
Net income= 91,900 + 109,400 - 235,500
Net income= -$34,200
Answer:
The amount that would not be covered by Thad Joslin insurance is $50,000
Explanation:
Thad has a 100/300 bodily injury liability coverage, this implies that he has a coverage of $100,000 bodily injury liability insurance per person and $300,000 total bodily injury liability insurance per accident. However, his insurance policy does not make provision for or cover the $50,000 property damage liability per accident. Therefore, Thad Joslin would have to pay for it.
Usually to support a cause for a good reason hope this helps!
