Answer:
The answer is D. That will be used up or converted to cash within 12 months.
Explanation:
Assets are what an entity owns and controls or Asset is a resource controlled by an entity as a result of past events and from which economic benefits are expected to flow to the entity.
Current assets are assets that are expected to provide economic benefits within a year(12months)
Examples are cash and cash equivalent, inventory, accounts payable, accounts receivable.
Option A is incorrect because any asset that can last for more than a year or many years is a non-current asset e.g plant and equipment, land etc.
Option B is also incorrect because any asset must be paid for within 12 months is a liability
Answer:
c. $10,000
Explanation:
Depreciation per year = (Cost of equipment - Salvage) / useful life
Depreciation for 1 year (Jan 1,2006 - Jan, 2007) = (60000-0)/3 = 20,000
However, on January 2007, the remaining useful life will change from 2 years to 5-1 = 4 years
Beginning 2007,
accumulated depreciation = 20,000
Remaining Book value of equipment = 60,000 - 20,000 = 40,000
Depreciation for Year 2007 will be = ($40,000 -0)/4 = $10,000
On the date the note is signed, rhodes should credit Note payable for $5,000.
Note payable is a loan agreement that is put down in written were the borrower agreed to pay the lender the certain amount he or she borrowed from the lender and must be signed by the borrower.
In Note payable the borrower as well will have to pay interest on the amount borrowed or the interest accrued on the amount borrowed on the due date.
The journal entry on the date the note is signed is:
Debit Cash $5,000
Credit Note payable $5,000
(To record note payable)
Inconclusion on the date the note is signed, rhodes should credit Note payable for $5,000.
Learn more here:
brainly.com/question/15709295
<h2>The first three options are right</h2>
Explanation:
Exchange rate:
- The "price or value of one country's currency" is exchanged for the price of "another country's currency value".
- The exchange rate always varies. It gets updated everyday.
- Exchange rates are calculated based on the value of "interest rate, trade, inflation, growth rate, employment and geopolitical conditions".
- There are two ways in which currency value is determined. A floating value is identified by the open market.
- We must travel to another country when we need more exchange rates.
