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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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To accurately determine the financial performance of a company, it is necessary to compare its performance from <u>year to year</u>.

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Hence, it is necessary to compare the financial performance of a company from year to year.

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The word "inferior" refers to the product's price and perceived worth rather than its quality. The quality may occasionally be inferior to an equivalent standard good, but it may also occasionally be the same. In reality, there are occasions when the only distinctions between regular goods and equal substandard goods are the packaging and price of the goods.

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debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: April 1, wor
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Answer:

The conversion cost per equivalent unit is $3.31

Explanation:

The computation of the conversion cost per equivalent unit is shown below:

= Total conversion costs ÷ Total equivalent units

where,

Total conversion cost = completed units + Conversion costs during April

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And, the total equivalents units equal to

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