1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nana76 [90]
3 years ago
10

Financial assets may include:__________ a. capital assets that can be sold. b. cash, investments, and receivables, inventories,

prepayments. c. cash, investments, receivables & capital assets d. only cash and other governmental resources that have been converted to cash by the end of the current reporting period.
Business
1 answer:
mojhsa [17]3 years ago
8 0

Answer:

b. <u>cash, investments, and receivables, inventories, prepayments</u>

Explanation:

Financial assets refer to liquid assets which derive their value from ownership rights and claims. For example, bonds, mutual funds, etc are financial assets.

In the given case, cash, investments, receivables, inventories, prepayments (prepaid expense) etc are liquid assets and current assets which can be readily converted to cash. Investments could be both short term and long term.

Investments in treasury bonds are highly liquid.

Capital assets are usually those assets with maturity period of more than one year and unlike current assets are not intended for sale.

You might be interested in
List at least five challenges to maintaining global competitiveness.
nlexa [21]
I know one of them is disruptive technologies, hope that one answer helps!!
5 0
4 years ago
During the current year, sales on account were $306,673, collections on account were $290,750, write-offs of bad debts were $7,0
sweet-ann [11.9K]

Answer:

  • 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations.

Accounts Rec T-Account  

$ 306.673 Debit

$ 290.750 Credit

$ 7.059    Credit

$ 8.864    Debit Balance

Allowance for Doubtful Accounts T-Account  

$ 7.059 Debit

$ 4.775 Credit

$ 2.284 Debit Balance

  • 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year.

$ 4.775   Dr Bad Debt Expense

  • 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.

$ 2.284    Dr (Debit) Allowance for Uncollectible Accounts

$ 8.864    Dr (Debit) Accounts Receivable                        

Explanation:

  • Initial Balance

Dr Accounts Receivable  $ 306.673

 

  • Write-offs of bad debts  

Cash $ 290.750

Cr Accounts Receivable  $ 290.750

 

  • Write-offs of bad debts  

Dr Allowance for Uncollectible Accounts $ 7.059

Cr Accounts Receivable  $ 7.059

 

  • Bad debt expense adjustment  

Dr Bad Debt Expense $ 4.775

Cr Allowance for Uncollectible Accounts $ 4.775

 

  • 1-b. Complete the amounts related to Accounts Receivable and  

Bad Debt Expense that would be reported on the INCOME STATEMENT for the current year  

Dr Bad Debt Expense $ 4.775

 

  • 1-c. Complete the amounts related to Accounts Receivable and  

Bad Debt Expense that would be reported on the BALANCE SHEET for the current year.  

Dr Allowance for Uncollectible Accounts $ 2.284

Dr Accounts Receivable  $ 8.864

6 0
3 years ago
Which of the following values should be inserted to correctly balance the ledger shown below?
vredina [299]
In order to figure out this you would take the original balance
$120.70 and add the paycheck $343.52
from there you would then minus the City payment of $53.90 and minus the internet payment of $86.40
This would leave you with $323.96
Hope This helps :)
8 0
3 years ago
United Apparel has the following balances in its stockholders' equity accounts on December 31, 2021: Treasury Stock, $700,000; C
Sergio [31]

Answer and Explanation:

The preparation of stockholders' equity is shown below:-

Stockholder's equity Statement

December 31, 2021

Particulars                               Amount ($)

Paid-in capital  

Preferred Stock                      $2,100,000

Common Stock                       $450,000

Additional paid in capital       $7,300,000

Total paid in capital                $9,850,000

Add:Retained earnings           $1,450,000

sub total                                    $11,300,000

Less: Treasury stock                $700,000

Total stockholders' equity      $10,600,000

7 0
3 years ago
As an upper-level manager for IBM, Rodney is one of many people responsible for allocating organizational resources in order to
Luba_88 [7]

Answer:

The answer is: Information resources

Explanation:

Information resources are the data and information assets used by an organization, department or unit.

Rodney probably is responsible for Information Resource Management (IRM). IRM involves identifying data as an asset, categorizing it and providing various types of active management.

5 0
3 years ago
Other questions:
  • Suppose the different income levels are as follows (N'billions) : Y=100,120,125,140,80,115,145,150,166,200. Calculate the corres
    9·1 answer
  • Suppose the following two events occur at the same time: the Chicago Cubs win the World Series, and the workers who make Cubs me
    12·1 answer
  • Jermaine, a member of a student organization, supports the move to increase the membership fees for their organization in order
    14·1 answer
  • Chittenden Enterprises has 600 million shares outstanding. It expects earnings at the end of the year to be $ 970 million. The​
    6·1 answer
  • What is the bullwhip effect and how does it relate to lack of coordination in a supply chain?
    9·1 answer
  • Elaine is a secretary for a business. One day a customer comes in to file a new contract while Elaine is seated at her boss’s de
    9·1 answer
  • One column of numbers consists of 28, 42, and 14. When the digits of the
    13·1 answer
  • Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $200,000 and
    6·1 answer
  • What two cultural factors influenced the variety of Chinese lays potato chip flavors
    12·1 answer
  • Like other limited liability companies, for federal jurisdictional purposes, Rodeo Productions LLC is most likely a citizen of
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!