What are personal loans?
1 answer:
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Answer:
210,421 Long-Term Liabilities
Explanation:
We are going to use the accounting equation to solve for long term liabilities
Total Assets
cash 23,015
Account Receivables 141,258
Inventory 213,000
other current assets 11,223
PPE 714,100
goodwill and other assets 78,656
Total Assets 1,181,252
common stock 311,300
retained earnings 512,159
Total equity 823,459
We use he accounting equation to get total liabilities:
1,181,252 - 823,459 = 357,793 Total Liabilities
Now we calcualte the short-term debt
126,257 Account Payable
21,115 short-term Note Payable
Total Current Liabilities 147,372
And with this, the diference between short-term adn total liabilities is the long-term liabilities
357,793 - 147,372 = 210,421 Long-Term Liabilities
Answer:
C.
Explanation:
Financial Statements depicts the financial position of a firm at a particular point of time or specified date. The users of financial statements use various types of analysis to understand or compare the current financial statements of the company to prior years or with those of the competitors.
The journal entry on declaration of dividend would lead to a debit to retained earnings and credit to dividends payable.
No journal entry is passed on the date of recording dividend.
Later, on the date of payment of dividend would lead to a debit to dividends payable and credit to cash account.
The journal entries have been shown below:
