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LenKa [72]
3 years ago
13

On January 5, Thomas Company, which follows a calendar year, issued $1,000,000 of notes payable, of which $250,000 is due on Jan

uary 1 each of the next four years. The proper balance sheet presentation on December 31 is
Business
2 answers:
Norma-Jean [14]3 years ago
4 0

Answer:

The December 31 balance sheet should show the following liabilities:

Current liabilities:

Current portion of notes payable $250,000

Long term liabilities:

Notes payable $750,000

Current liabilities include all the liabilities that are due within one year of the presentation of the balance sheet. While long term liabilities include all the liabilities that are due in more than one year.

Even if the total liability is due in more than one year, but a tranche or installment is due within one year, this must be included as current portion of long term liability under current liabilities.  

Illusion [34]3 years ago
4 0

Answer:

Current Asset:

Cash $750,000

Current Liabilities:

Notes Payable $250,000

Non Current Liabilities:

Notes Payable $750,000

Explanation:

The proper Balance sheet presentation would be recording $250,000 as a current liabilities as the payment will be made within the next 12 months at the December 31 and the remainder $750,000 will go to long term liabilities.

So the balance sheet presentation is as under:

Current Asset:

Cash $750,000

Current Liabilities:

Notes Payable $250,000

Non Current Liabilities:

Notes Payable $750,000

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Which of the following warning signs could mean receipts are being pocketed before being deposited? A. missing documents or gaps
Natasha_Volkova [10]

Answer:

D. a difference between daily bank and cash balance

Explanation:

Once receipts are made, they will be recorded in the organisation or company's cashbook thus increasing the cash balance. If the receipts are not deposited into the bank account, there will be a difference between the cash and bank balance. Pocketing receipts in this manner is an example of a fraudulent activity.

8 0
3 years ago
A form prepared periodically for each processing department summarizing (1) the units for which the department is accountable an
Kruka [31]

Answer:

B. cost of production report

Explanation:

The cost of production report summarizes all cost activities and its allocation in a department within a specified period of time. It contains the cost for each unit, amount of unit flow, difficulties faced during production.

The factory overhead production report compares actual fixed and variable cost to standard fixed and variable costs. Fixed cost are rent, taxes while variable cost are indirect labor, utilities.

manufacturing cost report contains all costs involved during the manufacturing of a goods such as cost of raw materials and direct labor.

process cost report summarizes the quantity of goods produced in each department as well as the cost incurred by each department.

4 0
3 years ago
Read 2 more answers
A code of conduct should be worded in terms of forbidden action rather than acceptable behavior.
Katena32 [7]

<u>Answer:</u>

The statement that says a code of conduct should be worded in terms of forbidden action rather than acceptable behaviour is false.

<u>Explanation:</u>

The judicial acts and laws that prohibit unlawful actions and the code of conduct that provides information about the ideal and acceptable behaviour that are distinct from each other in terms of wording that is used to draft them. A judicial act mentions what is not to be done and a code of conduct mentions what is to be done.

7 0
3 years ago
Various financial data for the past two years follow. LAST YEAR THIS YEAR Output: Sales $ 200,100 $ 202,100 Input: Labor 30,100
kramer

Answer: $1.637; $1.404

Explanation:

Given that,

Last year:

Output - Sales = $200,100

Input:

Labor = 30,100

Raw materials = 35,100

Energy = 5,010

Capital = 50,010

Other = 2,010

Input = 30,100 + 35,100 + 5,010 + 50,010 + 2,010

         = 122,230

Total Productivity = \frac{output}{input}

                              = \frac{200,100}{122,230}

                              = $1.637

This year:

Output - Sales = $202,100

Input:

Labor = 40,100

Raw materials = 45,100

Energy = 6,050

Capital = 49,750

Other = 2,875

Input = 40,100 + 45,100 + 6,050 + 49,750 + 2,875

         = 143,875

Total Productivity = \frac{output}{input}

                              = \frac{202,100}{143,875}

                              = $1.404

8 0
3 years ago
A fruit grower estimates that if he harvests his crop of oranges now, he will get 100 pounds per tree, which he can sell for $.2
12345 [234]

Answer:

At 7.5 weeks will bethe best time

it will yield a profit of 30.63 per tree

Explanation:

we will construct the formula:

p = 0.25 -0.01w

q = 100 + 10w

Now, using SOLVER we can determinate the maximum profit point at 7.5 weeks

we construct these formula in excel, we stablish we can change only the "w" and it will look for the answer.

Now we can determinate the profit at this point:

P = 0.25 - 0.01 ( 7.5) = 0.175

Q =  100 x 10 (7.5) = 175

175 x 0.175 = 30.625 = 30.63

6 0
3 years ago
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