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alukav5142 [94]
3 years ago
5

Liabilities are amounts you _____. (1 point) owe consider assets avoid add to your assets

Business
2 answers:
Alik [6]3 years ago
6 0

Liabilities are amounts you avoid add to your assets. By definition, Liabilities are when the state or the person is being legally held responsible that may cause problems. Ideally, one must avoid assets but we can’t have the best of both worlds so there will always be an expected liability in an asset.

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Aleks04 [339]3 years ago
4 0

The Correct answer: OWE

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Most insurance companies will waive surrender charges in the event EXCEPT:
xxMikexx [17]

Answer:

Most insurance companies will waive surrender charges in the event except the person who fake the injury or death

4 0
1 year ago
Turner Inc. produces two products P1 and P2. The company has provided you with the following information. Assume that the curren
Nesterboy [21]

Answer:

B. The operating leverage for Turner now is 0.47  ⇒ TRUE

operating leverage = fixed costs / total costs = $240,000 / $510,000 = 0.47

C. Turner makes a contribution of $0. 57 per dollar of revenue, on the average.  ⇒ TRUE

total contribution margin = ($20 x 9,000) + ($30 x 6,000) = $180,000 + $180,000 = $360,000

total revenue = $630,000

contribution margin per $ of revenue = $360,000 / $630,000 = $0.57

D. Turner will break even when it reaches a revenue of $420,000.  ⇒ TRUE

break even point in $ = (6,000 x $30) + (4,000 x $60) = $180,000 + $240,000 = $420,000

Explanation:

A. 40% of Turner's revenue comes from P2  ⇒ FALSE

total revenue = $270,000 + $360,000 = $630,000

revenue from P2 = $360,000, which represents 57.14% of total revenue

E. The breakeven volume for Turner is 9,334 units ⇒ FALSE

in order to calculate break even point, we can prepare a bundle of products = 3P1 + 2P2

contribution margin per bundle = $120

break even point = $240,000 / $120 = 2,000 bundles

6,000 P1 and 4,000 P2

7 0
2 years ago
Identify the following as a fixed asset (FA), or intangible asset (IA), natural resource (NR), or none of these (N). a. Computer
julsineya [31]

Answer:

a. Computer - fixed asset

b. Patent - intangible asset

c. Oil reserve - natural resource

d. Goodwill - intangible asset

e. U. S. Treasury note - none of these (N)

f. Land used for employee parking - fixed asset

g. Gold mine - natural resource

Explanation:

Intangible assets are the assets of a company that cannot be seen or they are not physical in nature. They are usually difficult to evaluate. They include:

  1. Goodwill
  2. Patent
  3. Trademarks
  4. copyrights

a fixed asset is a long term tangible piece of property or equipment that a company has and uses it to generate income. they include plant, property and equipment.

A natural resource is a substance that occurs in nature that can be used to generate economic profit.

5 0
2 years ago
The following information was available for the year ended December 31, 2019: Net sales $ 894,250 Cost of goods sold 616,850 Ave
iogann1982 [59]

Answer:

Explanation:

Net sales - $894,250

Cost of Goods - $ 616850

Average account receivable - $40,650

Account receivable at year end - $28200

Average inventory - $182000

Inventory at year end - $158,000

Inventory turn over

Cost of Goods sold / Average inventory for the period

616850/182000= 3.40 times

No of days sales in inventory = Ending inventory / Cost of Goods sold *365

158000/616850*365 = 93.5 days

Account receivable turnover = net credit sale / average receivable

894250/40650=21.9

No of days sales in account receivable -

Receivable at year end/total credit sales*365

28200/894250*365= 11.5 days

7 0
3 years ago
At the end of the prior year, Doubtful Inc. had a deferred tax asset of $18,500,000 attributable to its only timing difference,
iren [92.7K]

Answer:

Journal entries to record Doubtful's income tax expense for the current year.

No   Account titles and Explanation             Debit'$    Credit'$

1       Income tax expense                             8,945,000

                  Deferred tax asset                                     3,800,000

                  [(42,000,000*35%) - 18,500,000]

                   Income taxes payable                               5,145,000

                   [(14,700,000*35%)]

         (To record tax expenses)

2        Income tax expense                            1,270,000

                 Valuation allowance - deferred tax asset  1,270,000

                   (3,730,000 - 5,000,000

          (To record valuation allowance)

7 0
3 years ago
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