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olga_2 [115]
3 years ago
7

Identify the accounts below that would be classified as current liabilities on a classified balance sheet. (Check all that apply

.)
a) Notes payable (due in three months)
b) Unearned rent
c) Accounts payable
d) Taxes payable
Business
1 answer:
evablogger [386]3 years ago
6 0

Answer:

a) Notes payable  = current liabilities

b) Unearned rent  = current liabilities

c) Accounts payable  = current liabilities

d) Taxes payable = current liabilities

Explanation:

Current Liabilities are Company`s Obligations that are due for settlement within a period of 12 months.

All the above Accounts are would be classified as current liabilities as settlement in cash or service <em>(when in comes to unearned rent)</em> is due within 12 months.

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Inventory Valuation under Absorption Costing
GarryVolchara [31]

Answer:

1. There are 2,600 units in ending inventory.

2. Costs per unit under absorption costing $ 123

3.Value of ending inventory  $  319,800

Explanation:

Calculation of Ending inventory units.

Ending Inventory Units : Opening Units + Units produced - units sold

300 + 15,000 - 12700 = 2,600 units

Calculation of per unit cost under absorption costing

Under absorption costing, direct manufacturing costs as well as indirect factory overheads are considered.

Per  units costs

Direct Materials                  $ 20

Direct Labour                     $ 60

Variable overhead             $ 13

Fixed Overhead                $ 30

Total costs per unit          $ 123 under absorption costing

Calculation of ending inventory under absorption costing

The ending inventory calculated earlier of 2.600 units is multiplied by the per unit costs of $ 123 per unit to get the value of the ending inventory

$123 * 2600 units  = $ 319,800

8 0
3 years ago
During its first month of operations, Neptune Company (1) borrowed $200,000 from a bank, and then (2) purchased an equipment cos
sveta [45]

Answer:

$330,000

Explanation:

the journal entries would be:

Dr Cash 200,000

    Cr Notes payable - bank 200,000

Dr Equipment 80,000

    Cr Cash 40,000

    Cr Notes payable 40,000

Dr Merchandie inventory 60,000

    Cr Accounts payable 60,000

Dr Accounts receivable 120,000

    Cr Service revenue 120,000

Dr Accounts payable 30,000

    Cr Cash 30,000

Dr Utilities expense 60,000

    Cr Cash 60,000

Assets:

  • Cash = 200,000 - 40,000 - 60,000 - 30,000 = $70,000
  • Equipment = $80,000
  • Merchandise inventory = $60,000
  • Accounts receivable =$120,000
  • total = $330,000

8 0
3 years ago
Read 2 more answers
In which 3 cases would you use the "Add funds to this deposit" grid in a Bank deposit in qbo
Lapatulllka [165]

Based on accounting operation analysis, the 3 cases where one can use the "<em>Add<u> </u>funds to this deposit<u>"</u></em> grid in a Bank deposit in QBO include "<u>When a company doesn't need to record sales details."</u>

The other cases where one can use the "<em>Add funds to this deposit</em>" grid in a Bank deposit in QBO include the following:

  • When an employee reimburses the company
  • When you receive a tax refund from the IRS

<h3>What is QBO?</h3>

QBO is the acronym for QuickBooks Online Accounting Software. Business firms use it to monitor expenses, coordinate cash flow & establish invoices.

Hence, in this case, it is concluded that QuickBooks Online is a vital tool to possess by any business firm.

Learn more about QuickBooks Online here: brainly.com/question/25795288

5 0
3 years ago
1. Identify which responsibility center would best describe the​ following: The production line of American​ Apparel, where clot
andreev551 [17]

Answer:1 B. Cost Center

2.A. Revenue Centre

3D. Investment Center

4 C. Profit Centre

Explanation:

The duty and power of a centre determined is responsibility centre a unit that is basically involved in production will be responsible for cost, a unit that is involved in sales will be a revenue centre, a unit that combines sales, production and asset will be an investment center and a unit that combines revenue and cost is a profit center.

6 0
3 years ago
Stagflation exists when prices:
tensa zangetsu [6.8K]

Answer:

The correct answer is (B)

Explanation:

Stagflation is a mixture of fusty monetary development, high unemployment, and high inflation. It's an unnatural circumstance since swelling should happen in a weak economy. In a typical market economy, slow development stops development. Accordingly, customer demand drops enough to prevent costs from rising. Stagflation is dangerous for economic growth and it leads a country towards depression.

5 0
4 years ago
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