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SashulF [63]
3 years ago
6

Maxim Company had the following partial listing of accounts and balances at year-end: Cash, $7,000; Accounts Receivable, $6,000;

Accounts Payable, $15,000; Equipment, $23,000; Inventories, $5,000; Supplies, $1,000; Land, $75,000; Unearned Service Revenue, $13,000; and Prepaid Rent, $4,000. The total current assets for Maxim Company is ________.a. $19,000.
b. $23,000.
c. $149,000.
d. $98,000.
Business
2 answers:
lana66690 [7]3 years ago
5 0

Answer:

Explanation:

All the assets that are in cash or expected to be converted into cash within next one year are classified as Current Asset e.g cash, inventory etc.

Current Assets

Cash                             $7,000

Accounts Receivable  $6,000

Prepaid Rent,               $4,000

Inventories,                  $5,000

Supplies                      <u> $1,000 </u>

Total Current Assets   <u>$23,000</u>

The Following accounts are non current accounts, they belong to Fixed assets / non current assets and Liabilities.

Equipment, $23,000

Land, $75,000

Unearned Service Revenue, $13,000

Accounts Payable, $15,000

MrRissso [65]3 years ago
3 0

Answer:

B. $23,000

Explanation:

Recall that, assets are resources that an individual or an organization has which have future economic value that can be measured,

Thus,

Total current assets = Cash + account receivable + supplies + prepaid rents + inventories.

Therefore

Total current assets = 7000 + 6000 + 1000 + 4000 + 5000

= $23,000

Note: Land is not included in CURRENT asset. Land are longterm assets.

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andreev551 [17]

A sole proprietor has unlimited personal liability for all business debts and obligations.

<h3>Who is a sole proprietor?</h3>

A sole proprietor is the owner of a sole proprietorship. A sole proprietorship is a type of business that is owned by one person.

A sole proprietor and the business are regarded as a single person under the law. Thus, a sole proprietor has an unlimited liability. An unlimited liability means that in event of default, both the e property of the business and the sole proprietor can be seized.

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An incomplete cost of goods manufactured schedule is presented below.
svlad2 [7]

Completing the Cost of Goods Manufactured Schedule for Riverbed Company is as follows:

<h3>Cost of Goods Manufactured Schedule</h3>

Work in process (1/1)                             $222,600

Direct materials:

Raw materials inventory (1/1)                 $ 47,300

Add: Raw materials purchases              168,000

Total raw materials available for use $215,300

Less: Raw materials inventory (12/31)     24,500

Direct materials used                          $190,800

Direct labor                                          $114,500

Manufacturing overhead:

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Factory depreciation   37,900

Factory utilities             72,600

Total overhead                                       130,100

Total manufacturing cost                  $658,000

Total cost of work in process           $658,000

Less: Work in process (12/31)                85,600

Cost of goods manufactured            $572,400

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The Schedule of Cost of Goods Manufactured shows the costs of:

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Thus, the Schedule of Cost of Goods Manufactured for Riverbed Company shows that the cost of goods manufactured for the period is <u>$572,400</u>.

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2 years ago
Sammy salt is an exempt employee and earns $275,000 per year. if sammy was paid on a weekly basis, what would his gross pay be?
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Sammy salt makes $275,000 a year as an exempt employee. if Olivia was paid on a biweekly basis her gross pay would be $5,288.46.

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Answer:

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The life insurance companies are financial institutions that provide lump sums otherwise known as death benefits to beneficiaries  of their policy holders upon their demise, provided that premium is paid on regular basis.

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