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Zielflug [23.3K]
3 years ago
10

anson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable $12,000

Inventories $40,000 Patent $12,000 Investments $30,000 Prepaid insurance $6,000 Note receivable, due 2021 $50,000 Investments consist of treasury bills that were purchased in November, 2018 and mature in January, 2019. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson's December 31, 2018, balance sheet?
Business
1 answer:
VashaNatasha [74]3 years ago
5 0

Answer:

Current Assets = $85,000

Explanation:

                         Anson Corporation

                     Balance Sheet (Partial)

                   As at December 31, 2018

Assets

Current Assets:

Accounts receivable      $12,000

Inventories                       40,000

Treasury Bill                     30,000

<u>Prepaid insurance              3,000</u>

Total current assets     $85,000

Prepaid insurance $6,000/2 = $3,000 is for current years. Therefore, $3,000 is a current assets. Since treasury bill is an investment and for 3 months, it is a current assets.

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Unearned Fees appear on the ___
Anna007 [38]

Answer:

d

Explanation:

Unearned fees is recorded on a company's statement of financial position(balance sheet) as a liability. Unearned Fees is presented  as a liability because the revenue has still not been earned  and relates services owed to a customer. .

See IFRS 15 for further clarity..

3 0
3 years ago
An agreement to settle a debt for less than the sum claimed is referred to as?
fomenos
<span>An agreement to settle a debt for less than is owed is called an Accord and Satisfaction. this is because the accord is the original debt, and the term for the re-structured settlement. The satisfaction is the actual payment of that debt. Therefore, accord and satisfaction could be re-written as new agreement and payment.</span>
7 0
3 years ago
The Porch Cushion Company manufactures foam cushions. The number of cushions to be produced in the upcoming three months​ follow
Eddi Din [679]

Answer:

16,900

Explanation:

Ending Inventory = 30% x 12,000 = 3,600

Beginning Inventory = 30% x 19,000 =5,700

Thus;

19,000 + 3,600 – 5,700 = 16,900

Therefore the Porch Cushion Company need to purchase in​ August,900 pound of foam of Cushion.

5 0
3 years ago
Which of the following The holding-period return (HPR) on a share of stock is equal to(s) the level of real interest rates? I) T
____ [38]

Answer: D. I, II, and III.

Explanation:

The demand for investment funds determines the demand for loanable funds and when this is higher than the supply, the rate increases. The reverse it true. It therefore affects real interest rates.

The savings of households and business firms are the source of loanable funds so if these are high relative to demand, the rate will decrease. The reverse is true.

Government demand for funds will increase interest rates as the supply will decrease when the government borrows massively. The reverse is true.

All three therefore impart real interest rates.

7 0
3 years ago
Vulcan, Inc., has 7 percent coupon bonds on the market that have 13 years left to maturity. The bonds make annual payments and h
ololo11 [35]

Answer:

Current bond price  is $891.74

Explanation:

Coupon rate: 7%

Tenor (Nper): 13 years

Par value: $1,000

YTM (discounting rate): 8.4%

Coupon received annually (PMT) = $1,000 * 7% = $70

Current bond price  = present value of coupon received annually + present value of bond

To calculate PV of coupon received, we use excel in formula PV(discounting rate ,Nper,- PMT) = PV(8.4%,13,-70) = $541.30

or calculate manually = 70/(1+8.4%)^13+70/(1+8.4%)^12+…..+70/(1+8.4%)^1 =  $541.30

present value of bond = 1000/(1+8.4%)^13 = $350.44

Current bond price   = $541.30 + $350.44 = $891.74

3 0
3 years ago
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