Answer:
The owner's equity amounts to $1,040,000
Explanation:
The formula to compute the owner's equity is as:
Owner's equity = Assets - Liabilities
Where
Assets = Land + Machinery + Cash
= $1,500,000 + $30,000 + $10,000
= $1,500,000 + $40,000
= $1,540,000
Liabilities = Loan
= $500,000
Putting the values above in the formula:
= $1,540,000 - $500,000
= $1,040,000
Answer:
It's true I think if I'm wrong do tell me.
Scientific laws are created when a theory has stood the test of time and cannot be proven wrong. A scientific law is a statement based on repeated experimental observations that describes some aspects of the universe. Hope this answers the question.
Answer:
Current Liabilities:Notes Payable 250,000
Long-term Debt:Notes Payable 950,000
Explanation:
Calculation to Show how the $1,200,000 of short-term debt should be presented on the December 31, 2017, balance sheet.
Hattie McDaniel Company
Partial Balance Sheet
December 31, 2017
CURRENT LIABILITIES
Notes Payable 250,000
($1,200,000-$950,000)
LONG-TERM DEBT
Notes Payable 950,000
Therefore how the $1,200,000 of short-term debt should be presented on the December 31, 2017, balance sheet is:
Current Liabilities:Notes Payable 250,000
Long-term Debt:Notes Payable 950,000
A duty is a type of tax.
Consider the modern day examples of "duty free" shopping available in places like airports and certain tourist locations where people can purchase luxury goods without owing a tax to any country or locality.
