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liq [111]
3 years ago
8

From the dropdown box beside each numbered balance sheet item, select of its balance sheet classification.

Business
1 answer:
Kamila [148]3 years ago
7 0

Answer:

Balance Sheet Classifications:

                               Account Title                             Classification

1. Prepaid Rent       Prepaid Rent                              Current Assets

2. Equipment         Property, Plant, & Equipment    Plant Assets

4. Land                   Land                                            Long-term assets

5. Land                   Land                                            Long-term assets

6. Office Equipment  Property, Plant & Equipment Plant Assets

7. Common Stock  Common Stock                          Equity

8. Buildings                Property, Plant & Equipment Plant Assets

9. Bonds Payable      10-year Bonds Payable          Long-term Liabilities

10. Accumulated Depreciation -Truck                      Contra account to Long-term assets

11. Mortgages Payable  6-year Mortgages             Long-term liabilities

12. Automobiles           Automobiles                       Long-term assets

13. Notes payable        3-year Notes Payable         Long-term liabilities

14. Land                         Land                                    Long-term assets

15. Notes payable       2-month Notes Payable     Current liabilities

16. Notes Receivable  2-year Notes Receivable    Long-term assets

17. Interest Payable    Interest Payable                   Current liabilities

18. Long-term investment in stock                          Long-term investments

19. Wages Payable       Wages Payable                   Current liabilities

20. Office Supplies      Office Supplies                   Current assets

Explanation:

a) Current assets are short-term financial resources owned by the entity from which economic benefits will accrue.  They are mainly used as working capital to generate more revenue.

b) Long-term investments are investments in securities like bonds and stock held by the entity to generate interests and dividends.

c) Plant assets are property, plants, and equipment which are non current assets being used for the long-term in the running of the business, e.g. building.

d) Intangible assets are assets which are not physical in nature.  Examples of intangible assets are patents and copyrights, mining rights, and intellectual property.

e) Current liabilities are financial obligations of the entity which must be settled with financial resources within a calendar year or less.  Examples: Wages Payable, Accounts Payable, and Unearned Revenue.

f) Long-term liabilities are liabilities (financial obligations) which an entity settles with financial resources that can last for more than a calendar year.  Examples included Bonds, Notes, and other payables which are not current.

g) Equity refers to the ownership interest in an entity.  This is what the owners of the business are entitled when other creditors have been settled.  It is made of contributed capital and retained earnings.

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saveliy_v [14]

Answer:

$88,150

Explanation:

DINK method for insurance sums one half of all the debt plus funeral expenses. Thus,

Using DINK method

One half of mortgage, 140,000 = 70000

One half of car loan, 14000 = 7000

One half of personal debts, 4800 = 2400

One half of credit card loans, 3500 = 1750

Funeral expenses = 7000

Thus

Total insurance needed =

70000 + 7000 +2400 + 1750 + 7000

= $88,150

Note that, when using DINK method, what the spouse earn isn't used in calculating total insurance.

7 0
3 years ago
Stores such as T. J. Maxx, Burlington Coat Factory, and Marshalls buy manufacturers' seconds, overruns, returns, and off-season
Rama09 [41]

Answer: off price retailers

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    They procure material directly from the suppliers in the form of scrap etc and then sells it to retailer at heavy discounts. Hence from the above we can conclude that the correct answer is off price retailers.

4 0
3 years ago
Net income reported on the income statement for the current year was $350,000. Depreciation recorded on plant assets was $26,000
Sonbull [250]

Answer:

$357,500

Explanation:

Cash flow from operating activities on the statement of cash flows:

= Net income + Depreciation Expense - Increase in accounts receivable - Increase in inventory + Decrease in prepaid expense - Decrease in accounts payable

= $350,000 + $26,000 - $3,000 - $5,000 + $2,500 - $13,000

= $357,500

Therefore, the net cash flow from operating activities is $357,500.

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Svet_ta [14]

Answer:

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Explanation:

This definition of Goodwill implies that it is usually acquired by the purchaser of another business, when it pays a price higher than the fair market value of the other company's net assets.  It is not a physical asset like property, plant, and equipment, but intangible.

Goodwill arises from a company's good reputation, loyal customers or clientele base, brand identity, talented workforce, and proprietary technology.

Goodwill does not have a definite life and under US GAAP and IFRS standards.  Therefore, it is not amortized like other intangible assets but is evaluated for impairment every year.

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