A short-term liability is a payment that is due in 12 months or less. Hence notes payable due in six months is reported as a short-term liability.
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What is a liability?</h3>
In the parlance of Accounting and Finance, a Liability is a financial obligation that the company owes to individuals, or organizations with which it has transactional or legal relationship.
Hence, it is correct to indicate that notes payable due in six months is reported as a short-term liability.
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Most people are very willing to help out others with job leads and advice, because at one point, someone helped them with job leads and advice as well. The statement presented is True. In the real-job world, give-and-take is very important. It is believed that what you give and help, it will soon goes back to you in a different way.
Transfer payments are not included in the GDP calculation because they are transfers of income within one organization or group to group. Transfer payments are not used to purchase a good or service. Examples of transfer payments are social security, students grants, unemployment pay and others.
Answer:
Beginning inventory 50,000
Add: Purchases <u>244,000</u>
294,000
Add: Freight-in <u>14,500</u>
308,500
Less: Purchases return <u>7,400</u>
301,100
Less: Ending inventory <u>20,000 </u>
Cost of goods sold <u>281,100</u>
Explanation:
Cost of goods sold is calculated beginning inventory plus purchases plus freight-in minus purchases return minus ending inventory.