The amount of Jam's Note Payable that should be classified as non-current on December 31, 2013 is P0.
- The non-current liability is the payable that is not due within the next 12 months.
- Since the P5,000,000 note is due within 2014 (precisely on March 1, 2014), on Jam Company's Balance Sheet as of December 31, 2013, the total amount will be classified as a current liability and not non-current.
Thus, the amount of Jam's note payable classified as non-current on December 31, 2013 is equal to zero.
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Answer:
The net income from the income statement is $135,000.
Explanation:
The income statement for the year ended May 31, 20Y6 can be prepared as follows:
Paradise Travel Service
Income Statement
For the Year Ended May 31, 20Y6
<u>Particulars $ $ </u>
Revenue:
Fees earned 900,000
Expenses:
Wages expense (450,000)
Office expense (300,000)
Miscellaneous expense <u> (15,000) </u>
Total expenses <u> (765,000) </u>
Net income <u> 135,000 </u><u> </u>
Therefore, the net income from the income statement is $135,000.
Answer: D. . Ted and Lisa are clients, and Steven is a customer. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationships.
Explanation:
The options to the question are:
A. Ted and Lisa are customers, and Steven is a client. The listing agent must disclose to Steven that Ted and Lisa are customers.
B. Ted and Lisa are clients, as is Steven. The listing agent must disclose to Steven that Ted and Lisa are also clients.
C. Ted and Lisa are customers, and Steven is a client. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationships
D. Ted and Lisa are clients, and Steven is a customer. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationship
From the question, we are informed that Ted and Lisa are selling their home and have signed a listing agreement and that Steven visits Ted and Lisa's open house, and he is interested in purchasing their home.
The above scenario shows that Steven is a customer while Ted and Lisa are the clients. Steven is a customer as he is the one that wants to buy the house.
The listing agent must then disclose to Steven that he/she represents Ted and Lisa and explain customer relationships.
The land bought by Widget Corporation is owned by joint tenancy.
<h3>What is joint tenancy?</h3>
Joint tenancy is a situation whereby properties are owned by two or more people, who have same rights and obligations. This means that each of the parties to the joint tenancy owns equal share of the entire property.
The above means that upon the demise of any of the tenant, the other surviving tenant has the right of the property.
Hence, the land bought by Widget Corporation is owned by joint tenancy.
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