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Marizza181 [45]
3 years ago
7

The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification

of each item as follows: C if it is a current liability, L if it is a long-term liability, or N 1. if it is not a liability. Machinery (expected life of 4 years). L 2. Notes payable (mature in five years). L 3. Accounts payable (due in 30 days). 4. Patents (to expire after 5 years). 5. Notes payable (due in 13 to 24 months). L 6. Prepaid Insurance (6 months of coverage). 7. Current portion of long-term debt. 8. Unearned revenues (to be earned over next 3 months). 9. FUTA taxes payable. C 10. Pension liability (to be paid to employees retiring in 2 to 5 years).
Business
1 answer:
Vinvika [58]3 years ago
3 0

Answer:

The answer is:

1. N

2. L

3. C

4. N

5. L

6. N

7. C

8. C

9. C

10. L

Explanation:

Current liability is the type of liability whose obligations are due within a year.

Long-term liability is the type of liability whose obligations are due in more than a year's time i.e it has a lifespan of more than a year.

1. Machinery (expected life of 4 years) - N

2. Notes payable (mature in five years). - L

3. Accounts payable (due in 30 days). - C

4. Patents (to expire after 5 years) - N

5. Notes payable (due in 13 to 24 months) - L

6. Prepaid Insurance (6 months of coverage). - N

7. Current portion of long-term debt - C

8. Unearned revenues (to be earned over next 3 months) - C

9. FUTA taxes payable - C

10. Pension liability (to be paid to employees retiring in 2 to 5 years) - L

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The third-party problem: a. occurs when a market activity leads to a negative externality.b. occurs when a market activity leads
Iteru [2.4K]

Answer:

The correct answer is letter "C": occurs when a market activity leads to a negative or a positive externality.

Explanation:

An Economic Externality is a cost or benefit paid or earned by a third party that does not have control over the factors that produced the cost or benefit. The third-party problem arises when whether negative or positive externalities affect individuals who are not involved in market activities.

4 0
3 years ago
When budgets are used for control,
ladessa [460]

Answer:

(C) actual amounts from different years are compared.

Explanation:

Budgets are used for control. To compare the performace is necessary to have a same period, with almost the same characteristics and evaluate the actual performance. In sales for example, the bussineses has different seasons around the year, and because some sociodemographic reasons.

5 0
3 years ago
Breakmorning Corporation produces a product that requires 2.6 pounds of materials per unit. The allowance for waste is 0.3 pound
Rasek [7]

Answer:

Total= $4.33

Explanation:

Giving the following information:

Breakmorning Corporation produces a product that requires 2.6 pounds of materials per unit. The allowance for waste is 0.3 pounds; the allowance for spoilage is 0.1 pounds. The purchase price is $4 per pound, but a 2% discount is always taken. Freight costs are $0.15 per pound and receiving and handling costs are $0.10 per pound.

Purchase price= 4*0.98= 3.92

Allowance for waste= (0.03*3.92)= 0.1176

Allowance for spoilage= (0.01*3.92)= 0.0392

Freight= 0.15

Receiving and handling= 0.10

Total= $4.33

4 0
3 years ago
The following information is provided for Slickers, Inc. for year 2016: • Preferred stock, 5%, $20 par value, 1,500 shares issue
gayaneshka [121]

Answer:

The amount of dividends paid to common stockholders in 2016 is $4000

Explanation:

The cumulative preferred shares are the shares that accumulate dividends in case the dividends on these shares are not paid or paid partially in a year. The accumulated dividends will need to be paid first whenever the company declares dividends.

The amounts of dividends on preferred share for one year is,

Dividends - Preferred shares = 20 * 0.05 * 1500  =  $1500

Thus, the accumulated dividends on these preferred shares at start of 2016 is,

Accumulated dividends - Preferred shares = 1500 * 3 = $4500

The common shares holders are paid after the preferred share holders have been paid. This means that we will deduct the amount of accumulated dividends on preferred shares and the dividends for this year on preferred shares from the total dividends to calculate the amount to be paid to common share holders as dividends.

Common stock dividends =  10000 - (4500 + 1500)   = $4000

3 0
2 years ago
I have no friends please let's be friends :(
Alex Ar [27]

Answer:

thank u

<h2>stay safe healthy and happy.</h2>
6 0
3 years ago
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