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zloy xaker [14]
3 years ago
12

​which one of these is a correct definition? ​current liabilities are debts that must be repaid in 18 months or less. ​current a

ssets are assets with short lives, such as inventory. ​long-term debt is defined as a residual claim on a firm's assets. ​tangible assets are fixed assets such as patents. ​net working capital equals current assets plus current liabilities.
Business
1 answer:
8090 [49]3 years ago
8 0

Current liabilities are debts that must be repaid within a year.

Current assets are assets with short lives, but inventory is not considered a current asset at times, for example in the quick ratio, inventory is disregarded.

Long-term debts are those that can be paid after a year or more, and not whatever "residual claim" the question speaks of.

Tangible assets are assets which can be felt and have a physical form, but are not necessarily fixed assets.

Net working capital is current assets minus current liabilities.

'The only definiiton that seems correct is the current asset one, although they word it inappropriately.

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Identify which accounts should be closed on May 31.
vaieri [72.5K]

Answer:

Cash   ___________________ Not Closed

Supplies _________________Not Closed

Prepaid Insurance _________ Not Closed

Land  ___________________Not Closed  

Buildings ________________Not Closed

Equipment _______________Not Closed

Accounts Payable _________ Not Closed

Unearned Rent Revenue ____Not Closed

Mortgage Payable _________Not Closed

Common Stock ___________Not Closed

Rent Revenue ____________Closed

Salaries and Wages Expense_Closed

Utilities Expense __________ Closed

Advertising Expense _______ Closed

Interest Expense __________ Closed

Insurance Expense _________Closed

Supplies Expense __________Closed

Depreciation Expense _______Closed  

Explanation:

In accounting, there are two types of accounts

  1. Temporary
  2. Permanent

Temporary

Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.

Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.

In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.

Rent Revenue  

Salaries and Wages Expense

Utilities Expense  

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense  

Depreciation Expense

Permanent Accounts

Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.

Assets, Equity, and Liabilities accounts are permanent accounts.

In this question following accounts are permanent accounts

Cash    

Supplies  

Prepaid Insurance  

Land

Buildings  

Equipment  

Accounts Payable  

Unearned Rent Revenue  

Mortgage Payable  

Common Stock  

5 0
3 years ago
Read 2 more answers
What is letter of credit?​
Naddik [55]

Answer:

a letter issued by a bank to another bank to serve as a guarantee for payments made to a specified person under specified conditions.

Explanation:

5 0
3 years ago
Faye works as an administrator and receptionist for Garage Door Store. The store withholds federal taxes from Faye's pay, and co
anastassius [24]

Answer:

c. ​an employee and agent.

Explanation:

Based on the information provided within the question it can be said that with respect to sales at those locations homer is both an employee and agent. This is because he works for a company, therefore making him an employee. But at the same time he is authorized to act on behalf of Garage Door therefore making him an agent.

4 0
3 years ago
Target markets can be selected by appealing to the entire market with one marketing mix
mixas84 [53]

Answer:

The correct answer is b. True.

Explanation:

The objective of applying the marketing mix is to know the situation of the company and to develop a specific strategy for subsequent positioning. One way to start is by conducting a market study.

As changing as the consumer, the marketing mix currently has an approach that rethinks questions about the market and the consumer such as:

- What needs do my clients have?

- What is the cost of satisfaction of our customers and what return will this satisfaction give me?

- Which distribution channels are more convenient?

- How and by what means do I communicate it?

5 0
3 years ago
Given the following changes what is the net effect on cash? (1) Accounts Receivables increases by $150; Inventory decreases by $
Karolina [17]

Answer:

Net Cash Increase of $115

Explanation:

Receivable Increases by $150 means a cash outflow in receivable by $150 because Increase in Receivable indicates that there are more sale on credit is made than cash received from the customers. So, the outflow in the receivable section is more than the inflow.

Inventory Decreases by $95 means the inventory sold during the period is more than purchases / manufactured. It result in cash inflow as cash is not being held in the form of inventory.

Accounts Payable increases by $225 means that company is making less payment to its suppliers, so that its balance has been increase. Company made more purchases than payment made to suppliers. Net cash Inflow is observed from this.

Common dividend payment of $55 means a direct cash outflow because actual cash has been paid during the year.

Net Effect on Cash = Cash inflows - Cash outflows

Net Effect on Cash = ( Inventory decrease + Accounts Payable increase ) - ( Accounts Receivables increase + Common dividend payment )

Net Effect on Cash = ( $95 + $225 ) - ( $150 + 55 )

Net Effect on Cash = $320 - $205

Net Effect on Cash = $115

Net Cash Increase of $115

6 0
3 years ago
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