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arlik [135]
3 years ago
12

The distinction between a current asset and other assets: Multiple Choice is based on the ability to determine the current fair

value of the asset. is based on when the asset is expected to be converted to cash, or used to benefit the entity. is based on how long the asset has been owned. is based on amounts that will be paid to other entities within a year.
Business
1 answer:
Zolol [24]3 years ago
6 0

Answer:

is based on when the asset is expected to be converted to cash, or used to benefit the entity.

Explanation:

There are mainly three types of assets

1. The current asset is the asset that converted into cash within 12 months

2. The fixed asset is the asset that remains fixed like land, building

3 The intangible asset is the asset that cannot be seen or touched like intellectual property such as goodwill, patent

So here the distinction is to be made with respect to the convertibility to cash and the benefit provided to the entity

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Agricultural engineers design agricultural machinery components and equipment, using computer-aided design technology.

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3 years ago
Tickets to see Willie Nelson cost $40. On any given day, you would be willing to pay up to $50 to see and hear Willie Nelson per
Lady bird [3.3K]

Answer:

$40

Explanation:

The Value to seeing the clubs  play the White Sox must be valued at an amount that include the cost price at the minimum.The maximum the value would be $50 (at which any amount above this you will not be willing to accept the ticket).

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3 years ago
On december 1 victoria company signed a 90 day 4% note payable with a face value of 15,000 what amount of interest expense is ac
xz_007 [3.2K]

Interest Expense

The cost of borrowing money is referred to as interest expenditure. Interest expenditure in the income statement might represent the cost of borrowing money from banks, bond investors, and other sources.

Main Content

$50

A note payable is a type of financial instrument. In this case, the note payable is due in three months. So, after one month, we will record the following interest on the note payable:

15000*4%*(3/12) = 150

For 1 month = 150/3  =  50

The note payable was sold on December 1, and we must calculate its interest on December 31, which is one month later. As a result, we will divide total interest 150 by 3. This will provide us with one month's interest.

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4 0
2 years ago
The journal entry required to close the Drawing account is _____. a debit to Income Summary account and a credit to Drawing acco
Alex_Xolod [135]

The journal entry required to close the Drawing account is debit to Income Summary account and a credit to Drawing account.

Option a) is correct.

<h2>What is  Income Summary account ?</h2>

An income summary is a temporary account that is used to net the closing entries from all the revenue and expense accounts at the conclusion of the accounting quarter. The final balance is regarded as a gain or loss. The company made a profit for that year if the net balance of the income summary is a credit balance, and a loss for that year if the net balance is a debit balance.

It lists all earnings and costs related to both operational and non-operating operations. It is also known as a revenue and expense summary as a result.

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2 years ago
A scale used to weigh produce at a market has markings every 0.1 kg. which measurement for the mass of a dozen apples is correct
AleksAgata [21]

A scale used to weigh produce at a market has markings every<u> 0.1 kg</u>

Measurement for the mass of a dozen apples is correctly reported for this scale<u> </u><u>1.87 </u><u>kg</u>

<u />

<h3>What is produced in the market?</h3>

Farm is a generalized term for many farm-produced crops, including fruits and vegetables (grains, oats, etc.

<h3>Why is it named produce?</h3>

Produce here refers to “fresh fruits and vegetables”. It's the noun understanding of that word, not the verb, and so its stress falls on the first syllable. Therefore the vegetables aisle is the place where such items are found.

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6 0
1 year ago
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