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dlinn [17]
3 years ago
11

The following are a few of the accounts of aim delivery corpation. 1. Wages Payable 2. Accounts Payable 3. Accounts Receivable 4

. Buildings 5. Cash 6. Contributed Capital 7. Land 8. Income Taxes Payable 9. Equipment 10. Notes Payable (due in six months) 11. Retained Earnings 12. Supplies 13. Utilities Payable In the space provided, classify each as it would be reported on a balance sheet. Use the following code: CA = current asset NCA = noncurrent asset CL = current liability NCL = noncurrent liability SE = stockholders' equity
Business
1 answer:
DedPeter [7]3 years ago
8 0

Answer and Explanation:

The classification is as follows

1. current liability

2.  current liability

3. Current assets

4. Non current asset or fixed asset

5. Current asset

6. Stockholder equity

7. Non current asset or fixed asset

8. Current liability

9. Non currnet asset or fixed asset

10 Current liability

11 Stockholder equity

12 Current asset

13 Current liability

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Answer:

The correct answer is A. Product.

Explanation:

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Return to questionItem 6Item 6 E8-16 Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4] FedEx Co
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<u>Solution and Explanation:</u>

The following formulas will be used in order to calculate the accounts receivable turnover ratio and in order to find out the number of days collect.

Accounts receivable turnover ratio = Net sales divided by Average net Accounts receivable

=\$ 50,370 /[(\$ 7,250+\$ 5,720) / 2]

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<u>Days to collect</u> = 365 divided by Accounts receivable turnover ratio

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Assume the following data concerning a purchase of merchandise by Icon Co. on April 2:
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The purchase amount that Icon Co. would record on April 2 would be: <u>c. $4,000</u>.

<h3>What is the purchase amount to be recorded?</h3>

The purchase amount that should be recorded on the date of purchase is the amount of the transaction.  This does not take into account the return and discount which happened later.

This implies that Icon Co. will reduce the purchase amount on April 4 when half of the goods were returned with a contra entry.  And discount will be based on the balance of $2,000 instead of $4,000.

<h3>Data and Calculations:</h3>

Purchase on April 2 = $4,000

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