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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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City Slick, Inc., makes cosmetics. City Slick intentionally mislabels its packaged products to conceal a defect. Trusting and re

Temka [501]

Answer:

b. Fraud

Explanation:

The fraud is the wrongful act done by a person to gain a personal or financial profit. It is to be done intentionally.

Since in the given situation, the city intentionally mislabels its packaged products to hide a defect and after buying the product the dora suffers an injury

So in this case the city slick is liable for fraud as the company do this thing intentionally to generate a high profit

7 0

3 years ago

Which employee role is directly accountable to ensure that employees are implementing security policies consistently

Sergio039 [100]

Answer: Information Technology

Explanation:

The employee role is directly accountable to ensure that employees are implementing security policies consistently is the information technology staff.

Such individual implements and also maintains security policies, procedures, and standards. The Information Technology staff gives the necessary mechanisms that will be required to enhance the security program.

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3 years ago

Thoro Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger a

natta225 [31]

Answer:

Thoro Clean

a. Using the accounting equation, record each of the transactions in columnar format:

April 1

Cash $11,500 + Accounts Receivable + Supplies + Prepaid Van Lease + Equipment = Accounts Payable + Notes Payable + Common Stock $11,500 + Retained Earnings

April 2

Cash $11,500 - $2,850+ Accounts Receivable + Supplies + Prepaid Van Lease $2,850 + Equipment = Accounts Payable + Notes Payable + Common Stock $11,500 + Retained Earnings

April 3

Cash $11,500 - $2,850 + $10,000 + Accounts Receivable + Supplies + Prepaid Van Lease $2,850 + Equipment = Accounts Payable + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings

April 3

Cash $11,500 - $2,850 + $10,000 - $3,500 + Accounts Receivable + Supplies + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings

April 4

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 + Accounts Receivable + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings

April 7

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 + Accounts Receivable + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350

April 21

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 + Accounts Receivable $3,500 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500

April 23

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 - $1,500 + Accounts Receivable $3,500 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 - $1,500 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500

April 28

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 - $1,500 + $2,300 + Accounts Receivable $3,500 - $2,300 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 - $1,500 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500

April 29

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 - $1,500 + $2,300 + $1,000 + Accounts Receivable $3,500 - $2,300 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 - $1,500 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500 + Dividends $1,000

April 30

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 - $1,500 + $2,300 - $1,750 - $255 + Accounts Receivable $3,500 - $2,300 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 - $1,500 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500 + Dividends $1,000 - Wages $1,750 - Gasoline $255

b. Use Journal entries to record the transactions:

DATE DESCRIPTION DEBIT CREDIT

April 1 Cash Account $11,500

Common Stock $11,500

To record Randy Storm's investment of cash

April 2 Prepaid Van Lease $2,850

Cash Account $2,850

To record payment for six months' lease on a van.

April 3 Cash Account $10,000

Notes Payable $10,000

To record the borrowing of $10,000 from a bank.

April 3 Cleaning Equipment $5,500

Cash Account $3,500

Accounts Payable $2,000

To record purchase of cleaning equipment.

April 4 Cleaning Supplies $4,300

Cash Account $4,300

To record the purchase of cleaning supplies.

April 7 Advertising Expense $350

Cash Account $350

To record the payment for advertisements.

April 21 Accounts Receivable $3,500

Cleaning Fee Earned $3,500

To record the cleaning fees earned.

April 23 Accounts Payable $1,500

Cash Account $1,500

To record the payment on account.

April 28 Cash Account $2,300

Accounts Receivable $2,300

To record the receipt from customers on account.

April 29 Cash Account $1,000

Dividends $1,000

To record the receipt of dividends.

April 30 Wages Expense $1,750

Cash Account $1,750

To record the payment of wages for April.

April 30 Gasoline Expense $255

Cash Account $255

To record the payment for gasoline used during April.

Explanation:

The accounting equation is given as Assets = Liabilities + Equity. This equation is always in balance with each transaction affecting at least one or two accounts in either side of the equation. This equation explains that the assets owned by a company are made up of either owings to creditors or owners of the business.

5 0

3 years ago

The specific identification method (select all that apply): matches each unit of inventory with its actual cost is not an accept

liberstina [14]

Answer:

<h2>The specific identification method</h2>

a) matches each unit of inventory with its actual cost

d) would be beneficial to a company that makes fine jewelry

Explanation:

The specific identification inventory valuation method is one of the inventory valuation method allowed by U.S. GAAP. The other allowed methods are weighted average; and first in, first out (FIFO). The specific identification method identifies every item kept in inventory and its price and tracks it from purchase to resale. Some types of businesses that use the specific identification method are jewelry companies and stores, car dealerships, art galleries, and furniture stores, who can easily identify each item and track the cost and price respectively.

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3 years ago

Brenda, a job applicant at Trade Winds Corp., discovers that the job she is applying for requires her to be a union member befor

Inessa [10]

Based on the information given, it can be deduced that Trade Winds Corp. has a closed shop arrangement.

A closed shop arrangement simply means a place of work where all the employees gave to belong to an agreed trade union.

Under this condition, an employer will only employ the people that are to be part of the trade union. Therefore, it can be seen that Trade Winds Corp. has a closed shop arrangement.

Learn more about trade union on:

brainly.com/question/366179

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2 years ago