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3 years ago

Liabilities are what??

Business

1 answer:

Hatshy [7]3 years ago

6 0

Hey Friend.

Liabilities are debts of the business.

There are two types of liabilities :

1) Current Liability - represent debts that will be repaid within a year. e. g. Creditor (accounts payable), bank overdraft, expenses owing, prepaid revenue, etc.

2) Long term Liability - are debts that will be repaid in more than a year. e. g. Mortgage, bank loan, etc.

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Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes ar

choli [55]

Answer:

1. $4,100

2a. Dr Income tax Expense $4,100

Cr Income tax payable $4,100

2b. Dr Income tax payable $33,926

Cr Cash $33,926

Explanation:

1. Calculation to Determine the amount of the accounting adjustment

Income tax payable for quarter 4 $33,926

Less: Unadjusted balance in Income tax payable account $29,826

Accounting adjustment to be done as on Dec 31 $4,100

2a. Preparation of journal entries to record December 31

Adjustment to the Income as on Dec 31

Dr Income tax Expense $4,100

Cr Income tax payable $4,100

2b. Preparation of the Journal entry to record later January 20 payment of the fourth-quarter taxes.

January 20 payment of the fourth-quarter taxes.

Dr Income tax payable $33,926

Cr Cash $33,926

3 0

3 years ago

When using a __________ strategy, there is no change in either the basic product line or the markets served. Instead, increased

Dima020 [189]

Answer: market development

Explanation: In simple words,market development refers to the strategy in which a firm tries to cover new market or increase its sales in the existing market through promotion or product development etc.

These strategies are usually used by the multinational corporations that are going to start their business in some new foreign country.

Hence from the above we can conclude that the correct option is B.

6 0

3 years ago

If two people are invited to invest and become partners in a business, the business owners will then the risk.

worty [1.4K]

The answer you're looking for is "Share." Hope this helps!

3 0

3 years ago

Read 2 more answers

A large office supply company sells many of its consumer products over the Internet. This is

Mrac [35]

A large office supply company sells many of its consumer products over the Internet. This is known as e-commerce.

Trading the consumer products over internet is the current trend these days. This way is known as e-commerce.

What is E-commerce?

E-commerce, often known as electronic commerce, is the exchange of goods and services as well as the sending of money and data through an electronic network, most commonly the internet.
These business dealings can be either B2B (business-to-business), B2C (business-to-consumer), C2C (consumer-to-consumer), or C2B.
E-business and e-commerce are frequently used interchangeably. The transactional procedures that make up online retail shopping are also occasionally referred to as e-tail.
The widespread use of e-commerce sites like Amazon and eBay over the past 20 years has significantly boosted the growth of online retail. According to the U.S., e-commerce made up 5% of all retail sales in 2011.

To know more about E-commerce visit:

brainly.com/question/24051375

#SPJ9

6 0

2 years ago

If a salesperson sells 34 pairs of jeans, 126 t-shirts, and 40 jackets, what fraction of the total number of items sold do the j

tino4ka555 [31]

Answer:

1/5

Explanation:

34 + 126 + 40 = 200

40 jackets so 40/200

40/200 = 1/5 or one fifth

8 0

3 years ago