Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Current liabilities are obligations which will be paid:

a. With cash.
b. Within one year.
c. Within one year or the operating cycle, whichever is shorter.
d. Within one year or the operating cycle, whichever is longer.
e. Both (a) and (b).

 

2. Upscale Department Stores records all sales at amounts which include a 5% sales tax. In November, total recorded sales were $735,000. Portion of these sales which must be recorded as tax liability is:

a. $0
b. $35,000
c. $36,750
d. $70,000

 

3. Account Discount on Notes Payable:

a. Generally has a credit balance and is added to Notes Payable account on the balance sheet.
b. Is used only when a note has a stated interest rate.
c. Contains future interest expense that will be incurred over the life of a note.
d. Contains an amount to be amortized over the life of a note by a transfer to Interest Revenue.
e. Is classified as current asset.

 

4. On November 1, Tango, Inc., bought a machine for $12.000 and issued inpayment a one-year note payable for $13.200. On December 31, company's fiscal year-end, proper entry would be:

 

a Interest Expense  200  
  Discount on Notes Payable    200
b Machinery  200  
  Interest Expense    200
c Discount on Notes Payable  200  
  Interest expense    200
d Notes Payable  200  
  Discount on Notes Payable    200

 

5. Sales taxes payable:

a. Is an estimated liability.
b. Is a contingent liability.
c. Is a current liability for retailers.
d. Is a business expense.
e. Is a long-term liability.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921799

Have any Question? 


Related Questions in Accounting Basics

This is a group work and i entitle do the cash flow

This is a group work and I entitle do the cash flow analysis for Home Depot. Please no more than two pages. Assume that your Group has been hired to serve as my new Investment Advisory Team. I am looking for new investme ...

Question 1a firms legal capital is defined as the par value

Question 1 A firm's legal capital is defined as the par value of its common stock. The following table represents a scaled version of the equity account of FIRM XYZ: Common stock at par R 136586 Paid-in capital in excess ...

Accountingimagine that you are a consultant working on a

Accounting Imagine that you are a consultant working on a special project to help a company determine techniques that it can use in order to calculate the fair value of investments. From the e-activity, prepare a report ...

Task -you have recently started as the financial accountant

Task - You have recently started as the Financial Accountant in a new organisation, 'Fruito'. Fruito is a local fruit shop which has both a retail shop selling to the public and distributes produce to other local busines ...

Accounting discussion questionbulldiscuss the advantages of

Accounting Discussion Question • Discuss the advantages of understanding accounting as it relates to your current or future position. (Consider careers in management, sales, business operations, finance, and business own ...

Assignment reorganizationtarget corporation holds assets

Assignment: Reorganization Target Corporation holds assets with a fair market value of $4 million (adjusted basis of $2.2 million) and liabilities of $1.5 million. It transfers assets worth $3.7 million to Acquiring Corp ...

Question 1how would outstanding checks be handled when

Question 1 How would outstanding checks be handled when reconciling the ending cash balance per the bank statement to the correct adjusted cash balance? A. They would be added to the balance of the bank statement. B. The ...

Assignmenthttp990sfoundationcenterorg990pdfarchive5225223451

Assignment http://990s.foundationcenter.org/990_pdf_archive/522/522345144/522345144_201412_990.pdf?_ga=1.64191599.1553211607.1477880190 ( A wider circle NFP) http://awidercircle.org/wp-content/uploads/A-Wider-Circles-201 ...

Question 1abc inc has estimated the following revenues and

Question 1 ABC Inc. has estimated the following revenues and expenses related phase I of a proposed new housing development? Incremental sales= $5,081,953, total cash expenses $3,212,751, depreciation $623,167, taxes 33% ...

Question 1 the following are the selected entries for

Question 1 The following are the selected entries for Lehman Hospital for December 31, 2015 and 2014. Create Lehman Hospital's Balance Sheet. 2015 2014 Bonds Payable $64,000,000 $65,000,000 Current Assets 21,000,000 18,0 ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro