Answer:
Total cash collection= $235,600
Explanation:
Giving the following information:
Cash Sales Credit Sales
January $80,000 $180,000
Credit Sales
December= 47,000*2= $94,000
Collections on sales:
50% in month of sale
40% in month following sale
10% in second month following sale
The accounts receivable balance on January 1 of the current year was $75,000, of which $47,000 represents uncollected December sales and $28,000 represents uncollected November sales.
Cash collection January:
Sales on cash Jnauary= 80,000
Sales on account January= 180,000*0.5= 90,000
Sales on account December= 94,000*0.4= 37,600
Sales on account November= 28,000
Total cash collection= $235,600
A budget is termed as the estimation of the revenue and the expenses as well with the specified period of time. The budgets can be made for and by the people as per the individuals and the group of the persons.
Total cash collection= $235,600
The following information is given below:
Cash Sales Credit Sales
January $80,000 $180,000
Credit Sales
December= [tex]47,000\times2[/tex]= $94,000
Collections on sales:
50% in the month of sale
40% in the month following sale
10% in the second month following sale
The accounts receivable balance on January 1 of the current year was $75,000, of which $47,000 represents uncollected December sales and $28,000 represents uncollected November sales.
Cash collection January:
Sales on cash January= 80,000
Sales on account January= [tex]180,000\times0.5= 90,000[/tex]
Sales on account December= [tex]94,000\times0.4= 37,600[/tex]
Sales on account November= 28,000
Total cash collection= $235,600
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Lopez Corporation incurred the following costs while manufacturing its product:
Materials used in product $130,000 Advertising expense $46,100
Depreciation on plant $64,500 Property taxes on plant $20,000
Property taxes on store $7,600 Delivery expense $26,800
Labor costs of
assembly-line workers $120,900 Sales commissions $39,300
Factory supplies used $32,600 Salaries paid to sales clerks $54,900
Work in process inventory was $14,000 at January 1 and $16,700 at December 31.
Finished goods inventory was $61,800 at January 1 and $49,800 at December 31.
Required:
Compute cost of goods manufactured.
Cost of goods manufactured $
Answer:
Cost of goods manufactured is $365,300
Explanation:
Particulars Amount $
Materials used in product 130,000
Labor costs of assembly-line workers 120,900
250,900
Factory overheads
Depreciation on plant 64,500
Property taxes on plant 20,000
Factory supplies used 32,600
Add Work In Progress 14,000
Less: Work In Progress -16,700 114,400
Cost of goods manufactured $365,300
"Smokers are more likely to be murdered than nonsmokers." This statement is an example of: Select one: a. the fallacy of unintended consequences:. b. a positive economic statement. c. a normative economic statement. d. a value judgment.
Answer:
positive economic statement
Explanation:
positive economic statement are statements based on facts. they are objective, descriptive and measurable.
The information that smokers are liable to die young is based on extensive research on the effects of smoking on smokers
Assume the money supply is $800, the velocity of money is 8, and the price level is 2. Using the quantity theory of money: a. Determine the level of real output. $ b. Determine the level of nominal output. $ c. Assuming velocity remains constant, what will happen if the money supply rises 20 percent
Answer:
a. Real output = 3200
b. The nominal output = 6400
c. The real output increases with an increase in 20% money supply.
Explanation:
Money supply = $800
Velocity = 8
The price level = 2
The quantity theory is as follows:
Money supply × Velocity = Price level × Real output
800 × 8 = 2 × Real ouput
Real output = 3200
b. the nominal output = Price level × Real output
the nominal output = 2 × 3200 = 6400
c. the rise in money supply = 800 × 20% = 160
new money supply = 800 +160 = 960
Money supply × Velocity = Price level × Real output
960 × 8 = 2 × Real ouput
Real output = 3840
The real output increases with an increase in 20% money supply.
Quantity theory of money = Money supply * Velocity of money = Price level * Real output
Nominal output = Price level * real output
a) Level of real output = Money supply* Velocity of money / Price level
Level of real output = $800*8 / 2
Level of real output = $6400 / 2
Level of real output = $3200
b) Nominal output = Price level * Real output
Nominal output = 2 * $3200
Nominal output = 6400
c) New money supply = $800+ %800*20/100
New money supply = $80 0+ $160
New money supply = $960
Nominal output = Money supply * Velocity of money
Nominal output = $960 * 8
Nominal output = $7680
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Suppose 1-year T-bills currently yield 7.00% and the future inflation rate is expected to be constant at 4.70% per year. What is the real risk-free rate of return, r*
Answer:
2.30%
Explanation:
Data has given as:
Yield for 1 year T-bill = 7.00%
Future inflation rate = 4.7%
In order to find the risk-free rate of return we need to deduct future inflation rate from the yield for the year
Risk-free Rate of return = 1 year T-bill yield - inflation
Risk-free Rate of return = 7.00% - 4.70%
Risk-free Rate of return = 2.30%
Landers Flynn Inc. has 1,000 shares of $5 cumulative preferred stock outstanding. Dividends were not paid last year. The corporation also has 5,000 shares of common stock outstanding. Landers Flynn declared a $14,000 cash dividend to be paid in the current year.
Required:
Calculate the amount of dividends received by
1. the preferred stockholders;
2. the common stockholders.
Answer:
The preferred stockholders $10,000
Common stockholders $4,000
Explanation:
The cumulative effect of the preferred stock is that the holders are entitled to arrears of dividends, in other words, they would receive this year last year's dividends in addition to current year's.
annual preferred stock dividends=dividend per share*number of preferred stock.
annual preferred stock dividends=$5*1000=$5000
dividends for 2 years=$5000*2=$10,000
common stock dividends=$14,000-$10,000=$4000
From the dropdown box beside each numbered balance sheet item, select the letter of its balance sheet classification. If the item should not appear on the balance sheet, choose the letter Z from the selection choices
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity
Account Title Classification
1. Long-term investment in stock
2. Depreciation expense-Building
3. Prepaid rent
4. Interest receivable
5. Taxes payable
6. Automobiles
7. Notes payable (due in 3 years)
8·Accounts payable
9. Prepaid insurance
10. Owner, Capital
11. Unearned services revenue
12. Accumulated depreciation-Trucks
13. Cash
14. Buildings
15. Store supplies
16. Office equipment
17. Land (used in operations)
18. Repairs expense
19. Office supplies
20. Current portion of long-term note payable
Answer and Explanation:
The classifications are as follows
1. Long-term investment in stock = B = Long term investments
2. Depreciation expense-Building = Z = Income statement
3. Prepaid rent = A = Current assets
4. Interest receivable = A = Current asset
5. Taxes payable = E = Current liabilities
6. Automobiles = C = Plant asset
7. Notes payable (due in 3 years) = F = Long term liabilities
8·Accounts payable = E = Current liabilities
9. Prepaid insurance = A = Current assets
10. Owner, Capital = G = Equity
11. Unearned services revenue = E = Current liabilities
12. Accumulated depreciation-Trucks = C = Plant asset
13. Cash = A = Current assets
14. Buildings = C = Plant asset
15. Store supplies = A = Current assets
16. Office equipment = C = Plant asset
17. Land (used in operations) = C = Plant asset
18. Repairs expense = Z = Income statement
19. Office supplies = A = Current assets
20. Current portion of long-term note payable = E = Current liabilities
A woman hires a personal chef (cook) at $60,000 a year for his services. The two fall in love and get married, but the chef (cooking) services are still being performed with no explicit payment. Suppose that the two divorce after 1 year of marriage, but the woman continues to hire the chef for his services at $60,000 a year. What amount of the chef (cooking services) is added to GDP after the two divorce
Answer:
The Answer is explained below
Explanation:
When they both fall in love and got married there was a marital relationship between them and no explicit payments were made due to that there will be no addition to GDP but after divorce, there will be no marital relationship between them so the salary that should be added in GDP will be 60,000 because GDP is calculated on a yearly basis.
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total Net Realizable Value 101 $ 122,000 $ 101,000 102 91,000 111,000 103 61,000 51,000 104 31,000 51,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.
Answer and Explanation:
1. The computation of carrying value of inventory is shown below:-
Product Cost NRV Inventory Value which is lesser
101 $122000 $101,000 $101,000
102 $91,000 $111,000 $91,000
103 $61,000 $51,000 $51,000
104 $31,000 $51,000 $31,000
Total $305,000 $314,000 $274,000
2. The Journal entry is shown below:-
a. Cost of Goods sold Dr, $31,000
To Inventory $31,000
(Being write off inventory is recorded)
b. Loss on inventory write off Dr, $31,000
To Inventory $31,000
(Being write off inventory is recorded)
"Chet has been known to say, "If you ever see me with anything other than a Coke in my hand, check my pulse. I must be dead. " When Chet is thirsty for a soft drink, he obviously skips the _______________ stage of the consumer decision process. "
Answer:
This question is incomplete, the options are missing. The options are the following:
a) Information search
b) Prepurchase evaluation
c) Evaluation of alternatives
d) Evoked set determination
e) All of the above
And the correct answer is the option E: All of the above.
Explanation:
To begin with, the consumer decision process is the name that receives in the field of marketing a process that focus on the path the consumer has to go though in order to achieve a purchase. In that process there are many stages and in the beginning the consumer has to do a pre purchase evaluation in where he will have to obtain information from the products by doing a search and he will have to evaluate the alternatives so therefore that when Chet is thirsty and buys a Coke directly he is skipping all of those parts in the consumer decision process.
You take out a loan for $4000 at an annual interest rate of 5% (compounded annually). You must pay back the loan in 3 annual installments. How much of the principal is still outstanding after you make the first payment? g
Answer: = $2,731.14
Explanation:
First find the annual payment.
The payment will be constant so is an annuity.
Present Value of an Annuity = Payment * Present Value Interest Factor of an annuity
4,000 = Payment * PVIFA( 3 periods, 5%)
4,000 = Payment * 2.7232
Payment = 4,000 / 2.7232
Payment = $1,468.86
This annual Payment is divided into an interest component and a component going towards principal repayment.
Interest component = 5% * 4,000
= $200
Amount going to principal = 1,468.86 - 200
= $1,268.86
Amount of Principal Outstanding = 4,000 - 1,268.86
= $2,731.14
Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $ 430,000 Dividends declared 320,000 Net income 1,000,000 Retained earnings, 1/1/17, as reported 2,000,000 Simmons should report retained earnings, 1/1/17, as adjusted at
Answer:
$2,250,000
Explanation:
The computation of retained earnings is shown below:-
Retained earnings 31/1/17 = Retained earning 1/1/17 + Net income of current year - Understatement of depreciation expenses - Dividends declared
= $2,000,000 + 1,000,000 - $430,000 - $320,000
= $2,250,000
Therefore for computing the retained earnings 31/1/17 we simply applied the above formula.
As we assume that the question is asked for the 31/1/17 instead of 1/1/17 as it is already mentioned in the question
The nominal interest rate in Fiji is 3%, while the nominal interest rate in the U.S. is 5%. Real interest rates in both countries are 2%. According to purchasing power parity (PPP), the Fijian dollar (F$) may be expected to ________ by ________%.
Answer:
1.98%
Explanation:
The computation is shown below:-
As we know that
PPP equation i.e
Nominal Interest rate = Real interest rate + Inflation rate
Now
The Inflation rate for Fiji is
= 5% - 2%
= 3%
And, the Inflation rate for US is
= 3% - 2%
= 1%
As we can see that the inflation rate for Fiji is more than the inflation rate for US so we should be depreciated the currency by considering the inflation differential which is shown below:
= (1 + 3%) ÷ (1 + 1%) -1
= 1.98%
Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement: Sales $ 1,645,000 Variable expenses 623,950 Contribution margin 1,021,050 Fixed expenses 1,123,000 Net operating income (loss) $ (101,950) In an effort to resolve the problem, the company would like to prepare an income statement segmented by division. Accordingly, the Accounting Department has developed the following information: Division East Central West Sales $ 445,000 $ 610,000 $ 590,000 Variable expenses as a percentage of sales 53 % 23 % 42 % Traceable fixed expenses $ 299,000 $ 327,000 $ 203,000 Required: 1. Prepare a contribution format income statement segmented by divisions. 2-a. The Marketing Department has proposed increasing the West Division's monthly advertising by $21,000 based on the belief that it would increase that division's sales by 12%. Assuming these estimates are accurate, how much would the company's net operating income increase (decrease) if the proposal is implemented? 2-b. Would you recommend the increased advertising?
Answer:
Windgate Company
1. Segmented Income Statement
Company East Central West
Sales $ 1,645,000 $445,000 $610,000 $590,000
Variable expenses 623,950 235,850 140,300 247,800
Contribution margin 1,021,050 209,150 469,700 342,200
Fixed expenses Traceable 759,000 229,000 327,000 203,000
Fixed expenses: Common 364,000
Net operating income (loss) $ (101,950) ($19,850) $142,700 $139,200
2-a. Division West:
Sales $660,800 (590,000 x 1.12)
Variable expenses 247,800
Contribution 413,000
Fixed Costs 224,000
Net operating income (loss) $ 189,000
Difference = $49,800 ($189,000 - 139,200)
The net operating income would increase by $49,800.
2-b. I would recommend the increased advertising. It brings in more profit than the costs.
Explanation:
a) Data:
Income Statement
Sales $ 1,645,000
Variable expenses 623,950
Contribution margin 1,021,050
Fixed expenses 1,123,000
Net operating income (loss) $ (101,950)
b) Windgate Company's segmented income statement has enabled the tracing of fixed costs to the three divisions and the calculation of net operating income for the three divisions. Thus, revealing that Division East was not profitable. From this information, management can decide to make some changes or altogether dispose of Division East in order to redeem the fortunes of the company.
The CAPM applies to Group of answer choices portfolios of securities only. efficient portfolios and efficient individual securities only. all portfolios and individual securities. individual securities only. efficient portfolios of securities only.
Answer:
all portfolios and individual securities.
Explanation:
CAPM is an acronym for capital asset pricing model. The capital asset pricing model (CAPM) can be defined as a model or formula that can be used to calculate an investment risk and the expected return on an investment (assets).
Simply stated, the capital asset pricing model gives an investor the relationship between the risk of investing in securities and its expected returns. Thus, it assists investors in making well-informed decisions about whether or not to add to a portfolio.
Additionally, the expected return could be either a profit or loss depending on the risks associated with the securities.
Mathematically, the CAPM is given by this formula;
[tex]R_{a} = R_{rf} + \beta_{a} * (R_{m} - R_{rf})[/tex]
Where;
[tex]R_{a} = Expected return on a security\\R_{rf} = Risk-free rate\\\beta_{a} = beta of the security\\R_{m} = Expected return of the market\\(R_{m} - R_{rf}) = Equity market premium[/tex]
In a nutshell, it is important to note that the capital asset pricing model (CAPM) applies to all portfolios and individual securities.
According to your text, a firm can survive and succeed in the long run if it successfully develops strategies to confront five competitive forces that shape the structure of competition in its industry. When a firm strives to find ways to help its suppliers and customers reduce their costs or to increase the costs of their competitors, they are pursuing an alliance strategy.
A. True
B. False
Answer:
The answer is "False".
Explanation:
False, they are not following the alliance strategy because alliance strategy exhibits the process that works for mutual benefits. Alternatively, it occurs when at least two organizations join hands together for mutual benefit but in the question, a firm finds a way to increase the costs of its competitors. Therefore, this is not the case of alliance strategy.
An analysis in which all the components of an income statement are expressed as a percentage of net sales is called blank___________ .
Answer:
Common Size Income Statement
Explanation:
In a common size income statement, each line item of the Income statement is expressed as a percentage of the sales amount for that period.
This helps in comparing performance of companies in different sectors or industries.
A firm had the following accounts and financial data for 2013. The firm's net profit after taxes for 2013 was ______.
Answer:
Therefore, the firm's net profit after taxes for 2013 was $320.
Explanation:
Note: This question is not complete. But a complete question is has been provided in the attached file. Kindly find the attached file.
Net profit after taxes is the profit that is obtained after all expenses including taxes have been deducted from revenue.
The net profit after tax of a firm can be determined by preparing an income statement.
Therefore, an income statement is prepared for this question to determine the firm's net profit after taxes as follows:
Income Statement
For the Year 2013
Particulars $
Sales 3,060
Cost of goods sold (1,800)
Gross Profit 1,260
Operating expenses (600)
Operating profit 660
Interest expense (126)
Profit before tax 534
Tax (534 * 40%) (214)
Net profit after tax 320
Therefore, the firm's net profit after taxes for 2013 was $320.
Net working capital is defined as current assets divided by current liabilities.
a. True
b. False
Answer:
The answer is False.
Explanation:
False, because the net working capital is determined by subtracting all the current liabilities from the current assets. But in the question, it says net working capital is determined by dividing the current assets with current liabilities which is wrong. Therefore, if the current assent is 10000 dollars and current liabilities are 5000 dollars then net working capital is 10000 – 5000 = $5000.
You purchased a share of stock for $50. Two years later you received $2 as dividend and sold the share for $59. What was your holding period return
Answer:
The answer is =22%
Explanation:
Holding period return is the total return from asset or investment portfolio over a period of time. Holding period return is expressed as a percentage.
Its formula is:
[(value at the end of the period- original value) + income or dividend]/ original valuex 100
[2 + (59 - 50)] / 50x 100
(2 + 9 ) / 50x 100
11/50 x 100
=22%
In the Unified Process (UP) methodology, "most of the Requirements activities" occurs during the _____ phases.
Answer:
Inception and Elaboration phases
Explanation:
INCEPTION PHASES can be defined as the phase in which the vision of the end-product is been define as well as the associated business case and as well enables the defining the overall scope of a project.
The ELABOTATION PHASE on the other hand can be seen as the phase which help to refine the definition of a product as well help to develop a more precise plan for its development as well as the deployment.
Therefore In the Unified Process (UP) methodology, "most of the Requirements activities" occurs during the INCEPTION AND ELABORATION phases because unified process is a software development process that enables as well uses the UML language to help represent models or type of the software system to be developed.
Work in process inventory increased by $20,000 during the current year. Cost of goods manufactured was $180,000. Total manufacturing costs incurred are a.$189,000 b.$198,000 c.$200,000 d.$160,000
Answer:
The answer is $200,000
Explanation:
Total manufacturing costs incurred =
Increase in Work in process inventory +
Cost of goods manufactured
Where Increment in Work in process inventory equala $20,000
Cost of goods manufactured equals $180,000
$20,000 + $180,000 = $200,000
Total manufacturing costs incurred are therefore equals $200,000
IBM lets frontline employees spend up to $5,000 to solve a customer problem on the spot, which is an example of which of the following steps that a marketing CEO can take to create a market- and customer-focused company?
A) Empower the employees.
B) Hire strong marketing talent.
C) Get outside help and guidance
.
D) Install a modern marketing planning system.
E) Develop strong in-house marketing training programs.
Answer:
A) Empower the employees.
Explanation:
Based on this information it can be said that the best step in order to create a market- and customer-focused company would be to empower the employees. Doing so will drastically increase employee productivity as they will be more willing to work, and strive to be as efficient as possible. This in term increases both market and customer focus overall as the employees will target customer satisfaction which leads to sales.
An entrepreneur decided to leave a job that pays $50,000 a year to start a business. These lost wages would be considered ______________ . g
Answer:
These lost wages would be considered as opportunity cost
Explanation:
The lost wages would be considered as opportunity cost .
Opportunity cost is the value of the next best alternative forgone in favor of a decision. The decision of the entrepreneur to start a business of his own would mean forgoing the wages from his paid employment.
Hence, the lost wages of $50,000 becomes an opportunity cost to the decision.
These lost wages would be considered as opportunity cost
Blossom Company lends Blue Spruce industries $61200 on August 1, 2022, accepting a 9-month, 12% interest note. If Blossom Company accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date
Answer:
Dr interest expense $2448
Dr interest payable $3060
Dr Notes payable $61,200
Cr cash($2448 +$3060 +$61,200) $ 66,708.00
Explanation:
The interest accrued at 31st December 2022 is interest for 5 months which is calculated thus:
interest as at 31st December=5/12*12%*61,200=$3060
On that interest expense would have been debited while interest payable is credited with $3060
On the due date, interest for another months need to computed as follows:
interest for four months=4/12*12%*61,200=$2448
Targaryen Corporation has a target capital structure of 70 percent common stock, 5 percent preferred stock, and 25 percent debt. Its cost of equity is 10 percent, the cost of preferred stock is 5 percent, and the pretax cost of debt is 6 percent. The relevant tax rate is 23 percent.1. What is the company's WACC?2. What is the aftertax cost of debt?
Answer:
1. 8.41 %
2.4.62 %
Explanation:
Weighted Average Cost of Capital (WACC) is the cost of capital for all company projects.It shows the risk of the company.
WACC = Ke×(E/V) + Kp×(P/V) + Kd×(D/V)
= 0.10 × 70% + 0.05 × 5% + 0.06 × 77%× 25%
= 8.405 or 8.41 %
After tax cost of debt = Market Interest × ( 1 - tax rate)
= 0.06 × (1 - 0.23)
= 4.62 %
If the Synyster Corp. has an ROE of 21 percent and a payout ratio of 20 percent, what is its sustainable growth rate?
Answer:
20.19%
Explanation:
The computation of the sustainable growth rate is shown below:
The Sustainable growth rate is
= (return on equity × b) ÷ (1 - (Return on equity × b))
= (0.21 × (1 - 0.20) ÷ (1 - (0.21 × (1 - 0.20)))
= 0.168 ÷ (1 - 0.168)
= 0.168 ÷ 0.832
= 20.19%
basically we applied the above formula to determine the sustainable growth rate
Cost centers are evaluated primarily on the basis of their ability to control costs and:_______.
A) Their return on assets.
B) Residual income.
C) The quantity and quality of the services they provide.
D) Their contribution margin ratio.
Answer:
C.
The quality and quantity of the services they provide
Explanation:
When we talk of cost centers in an organization, we refer to such as departments that does not contribute to the overall profitability of the organization but still cost the organization some amount to operate.
What this means is that although, they give no profit to the organization, they add to the total bill of the organization.
So how do we evaluate them?
Since they are not here for profitability, the measure of how they are relevant to the company is measured on two basis.
They are evaluated on their ability to control costs and also the quality and quantity of the services these centers provide
Amy got into trouble last week. She was hanging out with some of her friends, and when they suggested that shoplifting would be fun, she went along with the idea. High emotional stability Which of the following statements describe people who are high on Machiavellianism?
1. They know how to acquire and use power.
2. They thrive in highly structured work situations.
3. They manipulate others for personal gain.
4. They care more for others than for themselves.
5. They are more likely to be persuaded than to persuade.
Answer: 1. High Agreeableness
2. They know how to acquire and use power.
They manipulate others for personal gain.
Explanation:
1. A Highly Agreeable person is one who kind and considerate for others. They are altruistic and are optimistic and will usually go along with other people's ideas because they trust easily. Amy is Highly Agreeable and that was why she went along with the idea.
2. Machiavellianism is a personality traits that involves the use of manipulation to gain personal goals. Considered individuals with low empathy, they are cold emotionally and don't care much for morality.
They are able to acquire and use power through this manipulation.
On December 31, 2020, Bonita Industries has $5960000 of short-term notes payable due on February 14, 2021. On January 10, 2019, Bonita arranged a line of credit with Beach Bank which allows Bonita to borrow up to $4450000 at one percent above the prime rate for three years. On February 2, 2021, Bonita borrowed $3570000 from Beach Bank and used $1540000 additional cash to liquidate $5080000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2020 balance sheet which is issued on March 5, 2021 is
Answer:
$2,420,000
Explanation:
The computation of the current liabilities reported is shown below:
= Short term note payable due - liquidate value of short term note payable + additional cash used
= $5,960,000 - $5,080,000 + $1,540,000
= $2,420,000
First we take the difference of the short term note payable and then we added the additional cash used so that the amount of current liabilities could come
Identify the accounts below that would be classified as current liabilities on a classified balance sheet. (Check all that apply.)
a) Notes payable (due in three months)
b) Unearned rent
c) Accounts payable
d) Taxes payable
Answer:
a) Notes payable = current liabilities
b) Unearned rent = current liabilities
c) Accounts payable = current liabilities
d) Taxes payable = current liabilities
Explanation:
Current Liabilities are Company`s Obligations that are due for settlement within a period of 12 months.
All the above Accounts are would be classified as current liabilities as settlement in cash or service (when in comes to unearned rent) is due within 12 months.