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ipn [44]
3 years ago
10

The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification

of each item as follows: C if it is a current liability, L if it is a long-term liability, or N if it is not a liability. prepaid insurance bonds payable
Item Classification
1. Current portion of long-term debt.
2. Notes payable (due in 6 to 11 months).
3. Sales taxes payable.
4. Bonus payable (to be paid in 60 days)
5. Warranty liability (6 months of coverage)
6. Prepaid Insurance (6 months of coverage)
7. Notes payable (due in 120 days).
8. Salaries payable.
9. Pension liability (to be fully paid to retired employees in next 11 months)
10. Bonds payable (due in 2 years)
Business
1 answer:
postnew [5]3 years ago
7 0

Answer:

  • L
  • L
  • c
  • n
  • n
  • c
  • n
  • l
  • n

I think so buh I’d advice u to make it its correct

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In year T, a US citizen buys 100 shares of Sonic on the Tokyo stock exchange at 700 yens each. Suppose the exchange rate then is
zlopas [31]

Answer:

Change in US external wealth between periods T and T +1 in dollars = -$100

Explanation:

Since nothing else changes, this implies that the exchange rate per yen is $0.01 in periods T and T +1. Therefore, we have:

Value shares of Sonic in period T in dollar = Number of shares of Sonic bought in period T * Price per share of Sonic in Yen in period T * Exchange rate per yen in periods T = 100 * 700 * $0.01 = $700

Value shares of Sonic in period T+1 in dollar = Number of shares of Sonic in period T+1 * Price per share of Sonic in Yen in period T+1 * Exchange rate per yen in period T+1 = 100 * 600 * $0.01 = $600

Change in US external wealth between periods T and T +1 in dollars = Value shares of Sonic in period T+1 in dollar - Value shares of Sonic in period T in dollar = $600 - $700 = -$100

4 0
3 years ago
Sox Corporation purchased a 30% interest in Hack Corporation for $1,525,000 on January 1, 2021. On November 1, 2021, Hack declar
Serjik [45]

Answer:

$1,200,000

Explanation:

SOX Corporation purchased a 30% interest for $1,525,000

On November 1, 2021, Hack declared and paid $1,100,000 million in dividends

Hence, Carrying value = $1,525,000 - 30%($1,100,000)

Carrying value = $1,525,000 - $330,000

Carrying value = $1,195,000

Net loss given during the year reported by Hack is $4,000,000

Hence, Net Loss of SOX is $4,000,000 * 30%

Net Loss = $1,200,000

Therefore, the net loss to be recognized in the Income statement is $1,200,000

3 0
3 years ago
By posting a video on youtube, displaying an emergency response drill to a domestic terrorism situation, an emergency management
Tju [1.3M]
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4 0
3 years ago
Briefly discuss the difference between these two concepts. A. Perfect competition results in productive efficiency but not neces
Butoxors [25]

Question:

Allocative efficiency is an economic concept that occurs when the output of production is as close as possible to the marginal cost. In this case, the price the consumers are willing to pay is almost equal to the marginal utility they derive from the good or the service.

Productive efficiency is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost. To be productively efficient means the economy must be producing on its production possibility frontier.

Required

Briefly discuss the difference between these two concepts.

A) Perfect competition results in productive efficiency but not necessarily allocative efficiency.

B) Productive efficiency pertains to production within an industry while allocative efficiency pertains to production across all industries.

C) Productive efficiency results in zero economic profits but allocative efficiency does not.

D) Perfect competition results in allocative efficiency but not necessarily productive efficiency.

E) Economic surplus is maximised with productive efficiency but not necessarily with allocative efficiency.

Answer:                      

The correct answer is  E    

Explanation:

Economic efficiency refers to a situation where all goods and factors of production in an economy are distributed or allocated to their most valuable use with little or no waste.

Economic efficiency is maximized when price (P) from selling the product is equal to marginal cost (MC) of producing it:

P = MC

When price (P) is equal to marginal revenue (MR), both profit and efficiency are maximized.

Caption:

Max Profit = Max Efficiency

When P = MR = MC

Whether price is equal to marginal revenue or not depends on how pricing is done.

Cheers!

5 0
3 years ago
Other financial data for the year ended December 31, 2019: Included in accounts receivable is $1,200,000 due from a customer and
Kipish [7]

Answer:

$5,055,000

Explanation:

Note: <em>The full question is attached below</em>

<em />

Particulars                                                                    Amount

Cash                                                                            $875,000

Accounts receivable                          $2,695,000  

Less: Installments not due in 2021   <u>($600,000)</u>      $2,095,000

[$1,200,000 - ($150,000 * 4)]  

Inventory                                                                      <u>$2,085,000</u>

Total of current assets                                               <u>$5,055,000</u>

5 0
2 years ago
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