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katrin [286]
3 years ago
6

What is an example of a long term liability?

Business
2 answers:
sergij07 [2.7K]3 years ago
6 0
Prporety it is the long-term
bixtya [17]3 years ago
4 0

Answer: A mortgage.

Explanation: A liability is something you're reliable for. You're supposed to pay back a mortgage, although this could take many years. Therefore, a long term liability is a mortgage.

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After the accounts were adjusted at January 31, 2010, the end of the fiscal year, the following balances were taken from the led
Deffense [45]

Answer:

fees earned 116,400 debit

       income summary         116,400 credit

--to close revenues account--

Income summary   81,050 debit

Wages Expense               29,000 credit

Rent Expense                   43,000 credit

Supplies Expense               7,300 credit

Miscellaneous Expense      1,750 credit

-- to close expenses accounts--

Income summary   5,000 debit

        Dividends              5,000 credit

-- to close dividends accounts--

Income summary   30,350 debit

        Dividends              30,500 credit

-- to close income summary account--

Explanation:

  • on accounting we close the temporary accounts which are:
  • revenues
  • expenses
  • dividends

To do so, we will use an auxiliary account called income summary.

Once we close this we calculate the blaance of income summary using a T-account:

income summary

<u>debit        credit  </u>

81,050   116,400

 5,000

Balance: 30.350‬

<u />

And close it as well against retained earnings

6 0
3 years ago
which organization issues auditing standards, carries out inspections of public accounting firms auditing us public clients, and
Butoxors [25]

The Public Company Accounting Oversight Board (PCAOB) issues auditing standards, carries out inspections of public accounting firms auditing public clients, and imposes sanctions.

<h3>What are sanctions?</h3>
  • Economic sanctions are financial and commercial penalties imposed by one or more nations against a particular self-governing state, group, or person.
  • Economic sanctions may be used for a number of political, military, and social reasons in addition to difficult economic conditions.
<h3> What is The Public Company Accounting Oversight Board (PCAOB)?</h3>
  • The Sarbanes-Oxley Act of 2002 established the Public Company Accounting Oversight Board (PCAOB), a nonprofit organization, to supervise the audits of public companies and other issuers in order to safeguard investor interests and advance the public interest in the creation of informative, accurate, and independent audit reports.
  • In order to protect investors, the PCAOB also controls the audits of broker-dealers, including compliance reports submitted in accordance with federal securities laws.
  • The U.S. Securities and Exchange Commission must approve all PCAOB regulations and standards (SEC).

Therefore, the Public Company Accounting Oversight Board (PCAOB) issues auditing standards, carries out inspections of public accounting firms auditing public clients, and imposes sanctions.

Know more about nonprofit organizations here:

brainly.com/question/26476622

#SPJ4

7 0
1 year ago
Valerie promised to buy Nicole's car for $2,000. Nicole drew up the contract providing that the exchange would occur the next we
Nimfa-mama [501]

Answer:

That the mistake resulted from an accidental clerical error and that it would be unconscionable to enforce the contract.

Explanation:

Nicole mistake is a clerical error.

An error is said to be clerical if it's a mistake that changes the meaning of a document after.

Typographical error and unintentional addition or removal of a word, phrase, or figure in the document can count as clerical error.

Mistakes like this should be readily rectified without objection by the court acting sua sponte, on its own, or on the motion of either party.

8 0
3 years ago
The $/CD spot bid-ask rates are $0.7560–$0.7625. The 3-month forward points are 12–16. Determine the $/CD 3-month forward bid-as
mylen [45]

Answer:

D. $0.7572–$0.7641

Explanation:

The forward BID rate is the rate at which the buyer is willing to buy or perform a transaction while the ASK rate is at which the seller is willing to sell at.

They are calculated by Adding or Subtracting the Basis Point(BPS).

Here BPS = 0.12% AND 0.16%.

Forward bid rate =$0.7560 + 0.0012 = $0.7572

Forward ask rate= $0.7625 +0.0016 = $0.7641.

5 0
3 years ago
Thompson company is a consulting firm and applies indirect overhead costs based on billing hours. the firm expects to have $7,70
maksim [4K]

The total cost of the consulting job = (Indirect cost per hour + Direct cost per hour ) * Total hours

The total cost of the consulting job = ( $11 per hour + $60 per hour ) * 20 hours

= $ 71 * 20 = $ 1,420

Here , the Indirect cost per hour is $ 11 ( 7,700 / 700 )

Direct cost per hour is $ 60

And the total number of hours billed is 20

8 0
3 years ago
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