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gogolik [260]
3 years ago
9

Ace Company borrowed $10,000 from Fair Rates Bank by signing a two-year note payable. Ace's operating cycle is 14 months. This n

ote would be considered a ______ on the balance sheet.
Business
1 answer:
salantis [7]3 years ago
6 0

Answer:

The note will be stated as a long term liability on the balance sheet of the company.

Explanation:

Long term liability is the financial responsibility of the business which is due for more than a year in the future. The present portion of the long term debt which is separately listed in order to provide a more accurate view of the liquidity and the ability of the company to pay the current liabilities as they become due.

Company borrowed $10,000 from bank by singing a note of 2 year. This would be considered as the long term liability.

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Assume Joe Harry sells his 25 percent interest in Joe's S Corporation, to Tyrone on January 29. Using the specific identificatio
sergeinik [125]

Answer:

$65,000

Explanation:

Calculation to determine how much income does Joe Harry report if Joe's S Corporation, earned Using the specific identification allocation method

Using this formula

Income=Amount earned*Interest rate

Let plug in the formula

Income=$260,000 × 25%

Income= $65,000

Therefore Using the specific identification allocation method how much income does Joe Harry report if Joe's S Corporation, earned will be $65,000

5 0
3 years ago
What were the most important factors that led to the midwest becoming known as the rust belt?
ICE Princess25 [194]
The Rust Belt became an industrial hub due to its proximity to the Great Lakes, canals, and rivers, which allowed companies to access raw materials and ship out finished products. These were the most important factors.
5 0
2 years ago
What factors should be considered when making an offer on a home?
olga55 [171]

Answer:

price

Explanation:

because u always have to no the price of the home

6 0
3 years ago
Read 2 more answers
When the Northern Hemisphere is tilted towards the Sun, what seasons will the two hemispheres be experiencing?​
kari74 [83]

The Northern Hemisphere will be in summer with it is tilted towards the sun, and the Southern Hemisphere will be in winter because it is tilted away.

This is easy to remember because when one hemisphere is closer to the sun, it will be warmer.

4 0
4 years ago
When contemplating a product deletion, a firm studies customer migration patterns to determine: the profit contribution of the p
pentagon [3]

Answer: whether customers of the product would switch to other substitute products marketed by the same firm.

Explanation:

Customers regular move from one good to another or from one good to it's substitutes in a process called Customer Migration.

There are various reasons for this such as affordability, change in technology, trends and the like.

When a company contemplates ending a product line and decides to study customer migration patterns, they are checking to see what the customer will switch to when the product is deleted. If they make substitutes to the product to be deleted, they will be checking to see if the customers will switch to these substitutes if the product line is ended.

4 0
3 years ago
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