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anyanavicka [17]
2 years ago
8

Jamison Company has the following obligations at December 31: For each obligation, indicate whether it should be classified as a

current liability. (Assume an operating cycle of less than one year.) a. A note payable for $100,000 due in 2 years.b. A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments.c. Interest payable of $15,000 on the mortgage.d. Accounts payable of $60,000.
Business
1 answer:
Rashid [163]2 years ago
7 0

Answer:

Explanation:

The current liability is that liability in which the obligation is arise for one year or less than one year.

So, the categorization is shown below:

a. A note payable for $100,000 due in 2 years. = It is not a current liability as it is due in 2 years that come under the long term liability

b. A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments. = Current liability for first annual payment only and rest is consider to be long term liability

c. Interest payable of $15,000 on the mortgage. = Current liability as it is arise within one year

d. Accounts payable of $60,000. = Current liability as it is arise within one year

The current liability is shown on the liabilities side of the balance sheet.

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3 years ago
Askew Company uses a periodic inventory system. The June 30, 2021, year-end trial balance for Askew company contained the follow
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Answer:

$233,000

Explanation:

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= $233,000

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3 years ago
Deciding how to use computers to improve business processes is the most important strategic decision a firm can make.a. Trueb. F
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Answer:

a

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4 0
1 year ago
You just won the lottery, which promises you $200,000 per year for the next 20 years. You receive the first payment today (hint:
dsp73

Answer:

The present value of your winnings is <u>$1,959,555.65</u>.

Explanation:

Since  this is an annuity due as already hinted in the question, the formula for calculating the present value (PV) of an annuity is used as follows:

PV = P × [{1 - [1 ÷ (1 + r)]^n} ÷ r] × (1 + r) .................................. (1)

Where ;

PV = Present value of winnings =?

P = Annual payment = $200,000

r = interest rate = 9.25%, or 0.0925

n = number of years = 20

Substituting the values into equation (1) above, we have:

PV = $200,000 × [{1 - [1 ÷ (1 + 0.0925)]^20} ÷ 0.0925] × (1 + 0.0925)

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PV = $1,959,555.65

Therefore, the present value of your winnings is <u>$1,959,555.65</u>.

8 0
3 years ago
Further From Center has 12,100 shares of common stock outstanding at a price of $55 per share. It also has 310 shares of preferr
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Answer:

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