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lorasvet [3.4K]
3 years ago
14

The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classificatio

n of each item as follows: C if it is a current liability, L if it is a long-term liability, or N if it is not a liability,
1.____________Notes payable (due in 13 to 24 months).
2.____________Notes payable (due in 6 to 12 months).
3.____________Notes payable (mature in five years).
4.____________Current portion of ling-term debt.
5.____________Notes payable (due in 120 days).
6.____________FUTA taxes payable.
7.____________Accounts receivable.
8.____________Sales taxes payable.
9.____________Salaries payable.
10____________Wages payable.
Business
1 answer:
iragen [17]3 years ago
4 0

Answer:

Current liability refers to a liability which is payable within the duration of one year. On the other hand, long term liability refers to a liability which is payable after the duration of one year.

The classification of each item are as follows:

(1) L - It is payable for more than one year.

(2) C - It is payable within the duration of 12 months.

(3) L - It is mature in five years.

(4) C - It is current liability.

(5) C - Due for less than 365 days.

(6) C - It is a part of current liability

(7) N - It is a part of current assets.

(8) C - Payable within one year

(9) C - Salary is payable for less than one year.

(10) C - Wages is also payable for less than one year.

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A company purchased a weaving machine for $206,520. The machine has a usedul life of 8 years and a residual value of $11,000. It
Alex777 [14]

Answer:

The amount of depreciation expense that should be recorded for the second year is $28,600

Explanation:

The computation of the depreciation per units or bolts under the units-of-production method is shown below:

= (Original cost - residual value) ÷ (estimated production bolts)

= ($206,520 - $11,000) ÷ (752,000 bolts)

= ($195,520) ÷ (752,000 bolts)

= $0.26 per bolt

Now for the second year, it would be

= Production units in second year × depreciation per bolts

= 110,000 units × 0.26

= $28,600

4 0
3 years ago
The following standards for variable manufacturing overhead have been established for a company that makes only one product:
Marianna [84]

Answer:

variable overhead efficiency variance= $22,780 unfavorable

Explanation:

Giving the following information:

Standard hours per unit of output 7.0 hours

Standard variable overhead rate $ 13.40 per hour

Actual hours 2,725 hours

The actual output of 150 units

To calculate the variable overhead efficiency variance, we need to use the following formula:

variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Standard quantity= 150*7= 1,050 hours

variable overhead efficiency variance= (1,050 - 2,750)*13.4

variable overhead efficiency variance= $22,780 unfavorable

6 0
3 years ago
If a firm produces a good and then adds it to its inventory rather than selling it, for the purposes of GDP accounting the firm
fenix001 [56]

Answer:

The statement is true.

Explanation:

Investment expenditure refers to the expenses incurred on account of creating capital assets.

If a good is produced but is left unsold or not used in the production process, then, they result in increased inventory, which is considered as an investment by the firm.

For the purpose of GDP accounting, unsold goods in inventory are treated as purchased by the firm from itself. As such, they form a part of investment expenditure in the accounting period.

8 0
3 years ago
Four years ago, Velvet Purses purchased a mailing machine at a cost of $154808. This equipment is currently valued at $25955 on
AVprozaik [17]

Answer:

the book value of the shareholder equity is $53,413

Explanation:

The computation of the book value of the shareholder equity is shown below;

Book value of shareholders equity is

= Book value of mailing + net working capital - Long term debt

= $25,955 + $92,535  $65,077

= $53,413

Hence, the book value of the shareholder equity is $53,413

5 0
3 years ago
suppose that last year a total of $12 billion in goods and services was exported to other countries while $8 billion was importe
Aneli [31]

Suppose that last year a total of $12 billion in goods and services was exported to other countries while $8 billion was imported. Net exports equal $4 billion.

In general, real GDP is calculated by dividing nominal GDP by the GDP deflator (R). For example, if the economy's prices rise by 1% from the base year, the deflation rate is 1.01. If nominal GDP is $1 million, real GDP is calculated as $1,000,000 / $1.01 or $990,099.

Equity and bond values ​​are not included in GDP as they are not reissued annually. They may have been issued last year. Second, the stock a person buys is goods and services, and the company reuses the money invested to buy the asset, so the value is calculated twice.

Learn more about goods and services at

brainly.com/question/25125137

#SPJ4

8 0
1 year ago
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