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Zolol [24]
3 years ago
14

Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or th

e normal operating cycle, whichever is shorter.
A. True
B. False
Business
1 answer:
4vir4ik [10]3 years ago
6 0

Answer:

Statement is false

Explanation:

Current assets are economic resources of the organization that are usually used up within one year to carry out the operations. However, if the operating cycle is more than one year, then the asset that gets used up within that period is considered as current asset. Operating cycle is the time period taken to invest cash, produce goods, sell them and receive money from customers against goods sold. Operating cycle need not be limited to one year.

So, asset that gets used up within operating cycle is termed current asset.

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6. Please list and describe your current involvement in the community. Do you volunteer for any local agencies, participate in a
Gwar [14]

there are 5 ways to participate in your community

1 volunteer your time

2 donate your resources

3 shop locally

4 join a class or group

5 support your local sports teams

6 organise your own event

Hope it is helpful

7 0
2 years ago
Jane decided to incorporate her business under the name of Star, Inc. Before Star was incorporated, Jane signed a contract with
BARSIC [14]

Answer:

D. Star will be liable on the contract only if it adopts the contract.

Explanation:

7 0
2 years ago
During December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.
Dima020 [189]

Answer:

Dr Accounts receivable 3,472

Cr Sales 3,20

Cr Sales tax payable 272

Explanation:

Since $3,200 is the credit sale and the state sales tax rate is 6% while the local sales tax rate is 2.5% which means we have to calculate for 6% of 3,200 as well as 2.5% of 3,200 which is: Sales tax payable

6%×3,200=192

2.5%×3,200=80

192+80= 272

The last step is to Debit Accounts receivable with 3,472 (3,200+272) , Credit Sales 3,200 and Credit Sales tax payable with 272

Far West Services Journal entry

Dr Accounts receivable 3,472

(3,200+272)

Cr Sales 3,200

Cr Sales tax payable 272

8 0
3 years ago
Your soccer team remains undefeated and is preparing for the state playoffs. You happen to know and can prove that several playe
Veseljchak [2.6K]
Yes I would sacrifice potentially winning the state title. Using performance enhancing drugs is both morally wrong, and illegal. If my team was to win states I would want it to be because we deserved it, not because players were taking drugs. Not only that, but the players who took the drugs could be causing a lot of harm to their bodies, something that isn't worth a title.
7 0
3 years ago
The town of Gracie has established a permanent fund to account for numerous significant gifts intended to maintain a cemetery in
Viktor [21]

Answer: B. Restricted Fund Balance

Explanation:

A Restricted Fund is created when the source of the funds sets certain stipulations for the use of the money which in this case is that the monies should be used for the maintenance of the cemetery. The monies will therefore be restricted to that use alone.

The Unspent Investment Earnings will be reinvested in the Permanent fund at the end of the year. The Permanent Fund is a Restricted fund account therefore the Unspent earnings will be classified as a Restricted fund balance as well.

4 0
3 years ago
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