A short-term liability is a payment that is due in 12 months or less. Hence notes payable due in six months is reported as a short-term liability.
<h3>
What is a liability?</h3>
In the parlance of Accounting and Finance, a Liability is a financial obligation that the company owes to individuals, or organizations with which it has transactional or legal relationship.
Hence, it is correct to indicate that notes payable due in six months is reported as a short-term liability.
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Answer:
b. Living standards across various countries.
Explanation:
The <em>Human Development Index</em> measures the living standards of inhabitants of different countries by measuring the education level, the life span expectancy, and the income per capita. It aims to quantify the ability of people to satisfy their basic needs and have the freedom to choose what they want to do in their lives. A higher Index score means that a country has better conditions for human development.
Answer:
Total labor cost= $70,000
Explanation:
<u>The supervisor salary is a fixed labor cost, it is unlikely that would change with production.</u>
<u>First, we need to calculate the unitary variable direct labor hour:</u>
Unitary variable direct labor hour= 30,000 / 3,000
Unitary labor hour= $10
<u>Now, the flexible budget for 5,000 hours:</u>
Fixed cost= 20,000
Variable cost= 10*5,000= 50,000
Total labor cost= $70,000