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3 years ago

Which of the following is a typical current liability?

Business

1 answer:

Anestetic [448]3 years ago

6 0

Answer: Option B

Explanation: In simple words, current liabilities refers to the obligations and promises that an entity has to pay within a year. These liabilities usually arise due to the need of an organisation to fulfill their short term requirements to operate the business efficiently.

These liabilities are of critical in nature as they directly affects the liquidity of the business. In the given case, sales tax payable is the only obligation that must be fulfilled with a year. Hence it is a current liability.

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Torres Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that T

Karo-lina-s [1.5K]

Answer:

Torres Company received $4,800 on May 12.

Explanation:

When The Sale was made, the following entries apply :

Trade Receivable $5,000 (debit)

Sales Revenue $5,000 (credit)

Cost of Sales $3,000 (debit)

Merchandise $3,000 (credit)

Freight Expenses $110 (debit)

Cash $110 (credit)

When Campbell Company returned Merchandise :

Sales Revenue $200 (debit)

Trade Receivable $200 (credit)

When Campbell Company pays for the goods

The payment is made 2 days out of the discount period, therefore not eligible for discount.

Settle amount in full less Return Allowance of $200

Trade Receivable $4,800 (debit)

Cash $4,800 (credit)

Conclusion :

Torres Company received $4,800 on May 12.

6 0

3 years ago

Business analytics tools are used with data in the ________________ to gain insight and support decision making.

kenny6666 [7]

Answer:

Business

Explanation:

The extensive use of data and quantitative analysis to support fact-based decision making within organizations.

8 0

2 years ago

Scott, a young professional, buys a new BMW, even though a Mercedes would have cost him less. Scott values the BMW brand. This i

Vesnalui [34]

Answer:

The correct response will be "Paying a premium price ".

Explanation:

Each consumption has the fundamental economic intention of obtaining products that have the highest possible and the limit requirements at the lowest competitive prices.
And therefore, satisfied customers frequently ignore that instinct because some other manufacturer is still connected to something like the commodity.

3 0

3 years ago

__________ is a condition in international trade when the value of the imports into a nation is greater than the value of its ex

Tema [17]

Answer: The answer is trade deficit.

Explanation: Balance of trade is represented by net exports (exports minus imports) and is usually influenced by factors that affect international trade. Those factors inflation include: inflation, natural endowment, exchange rate, trade policy, pandemics (e.g., coronavirus).

A trade surplus occurs when the value of a nation's exports is more than the value of its imports. However, trade deficit occurs when the opposite happens.

7 0

2 years ago

Read 2 more answers

Select all that apply Determine which of the following statements are correct descriptions of a subsidiary ledger. (Check all th

djyliett [7]

Answer:

- The balance in the subsidiary ledger will equal the balance of its supported account in the general ledger.

- The account which the subsidiary ledger supports in the general ledger is called a control account.

- It is a supporting ledger that contains detailed information about a general ledger account.

- Two of the most common subsidiary ledgers are for Accounts Payable and Accounts Receivable.

Explanation:

A subsidiary ledger is defined as a supporting ledger that contains details of an account on the general ledger.

It gives a breakdown of the single amount that reflects in a general ledger account.

For example if the accounts payable account has a balance of $50,000, the subsidiary ledger will show the individual transactions that make up the $50,000.

Therefore the balance of the subsidiary ledger will equal the amount in the general ledger account.

5 0

2 years ago