Answer:
1. Account receivable.
2. Other receivables.
4. Notes receivable.
5. Maturity date.
Explanation:
1. Account receivable: the right to receive cash in the future from customers for goods sold or for services performed. Accounts receivable can be defined as an account which gives information about legally enforceable monetary claims that are to be recovered by a company from a customer who is yet to make payment.
2. Other receivables: a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future.
3. Debtor: the party who receives a receivable and will collect cash in the future.
4. Notes receivable: a written promise to pay a specified amount of money at a particular future date.
5. Maturity date: it is the date when the note receivable is due.
Answer: b. Reporting the current portion of a long-term note as long-term debt is a misrepresentation of the financial position of the company.
Explanation:
According to US GAAP, the current portion of a long term liability (the portion that is to be paid in the current period) should be recorded as a Current Liability.
The Current portion of a long term liability thus shows us the amount is the current Liability that a company is due to pay in the current operating cycle.
To therefore put that amount that the company is supposed to pay in the current cycle as a long term liability is a misrepresentation of the books aimed at primarily deceiving lenders as the text shows.
Answer:
Crane Inc.
The ending inventory at cost using the conventional retail method is:
= $23,426.
Explanation:
a) Data and Calculations:
Cost Retail
Beginning inventory $12,000 $19,600
Net purchases 105,056 159,600
Net markups 9,600
Goods available $126,656 $188,800
Ratio of cost to retail price = 67% ($126,656/$188,800)
Cost of goods sold 107,602 ($160,600 * 67%)
Ending inventory $23,426
Answer: go back and find the wallet and if I can’t find it go to the police so they can track my card
Explanation:
Answer:
$125,590
Explanation:
Calculation for the pension expense for the year
Service cost$94,000
Add Interest cost (810,000 × 10%) $81,000
Less Expected return on plan assets ($49,410)
(549,000 × 9%)
Pension expense $125,590
Therefore the pension expense for the year is $125,590