Homework Answers
Assets means any item which will bring future economic benefit.
Assets are classified into 2:
a) Current assets
b)Non-current assets (Fixed assets)
Current assets:
- Current assets are all the assets of a company that are expected to be sold or used as a result of standard business operations over the next year.
Non-current assets:
- Noncurrent assets are a company's long-term investments for which the full value will not be realized within the accounting year.
In this quesion,
| Particulars | Classification |
| Option a | Current asset |
| Option b | Current asset |
| Option c | Current liabilities |
| Option d | Current asset |
Option C is the correct answer.
Revenue received in advance is classified as current liabilities in balance sheet as per accrual concept.
Add Answer to:
All of the following are examples of Current assets except: a. those that are convertible to...
1. All of the following are reported as current liabilities except a. accounts payable. b. bonds...
1. All of the following are reported as current liabilities except a. accounts payable. b. bonds payable. c. notes payable. d. unearned revenues. 2. The relationship between current liabilities and current assets is a. useful in determining income. b. useful in evaluating a company's liquidity. c. called the matching principle. d. useful in determining the amount of a company's long-term debt. 3. Most companies pay current liabilities a. out of current assets. b. by issuing interest-bearing notes payable. c. by...
All of the current year's entries for Zimmerman Company have been made, except the following adjusting...
All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $9,600 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $9,600. b. On October 1 of the current year, the company borrowed $18,000 from a local bank and signed a one-year, 12 percent note...
15. Which of the following statements is correct? a. All current deferred tax liabilities and assets...
15. Which of the following statements is correct? a. All current deferred tax liabilities and assets shall be offset and presented as a single amount on the balance sheet. b. Deferred tax assets related to carryforwards shall be classified as current or noncurrent on the balance sheet based on their expected date of reversal. c. All current and noncurrent deferred taxes shall be offset and presented as a single amount on the balance sheet. d. Deferred tax liabilities and assets...
All of the current year's entries for Zimmerman Company have been made, except the following adjusting...
All of the current year's entries for Zimmerman Company have
been made, except the following adjusting entries. The company's
annual accounting year ends on December 31
On September 1 of the current year, Zimmerman collected six
months' rent of $9,000 on storage space. At that date, Zimmerman
debited Cash and credited Unearned Rent Revenue for $9,000.
On October 1 of the current year, the company borrowed $16,800
from a local bank and signed a one-year, 14 percent note for that...
All of the current year's entries for Zimmerman Company have been made, except the following adjusting...
All of the current year's entries for Zimmerman Company have
been made, except the following adjusting entries. The company's
annual accounting year ends on December 31
On September 1 of the current year, Zimmerman collected six
months' rent of $8,820 on storage space. At that date, Zimmerman
debited Cash and credited Unearned Rent Revenue for $8,820.
On October 1 of the current year, the company borrowed $16,800
from a local bank and signed a one-year, 14 percent note for that...
The following are typical classifications used in the balance sheet for Serra Co. a. Current Assets...
The following are typical classifications used in the balance sheet for Serra Co. a. Current Assets b. Investments C. Property, Plant & Equipment d. Intangible Assets e. Other Assets f. Current Liabilities 9. Long-term Liabilities h. Paid-in-Capital i. Retained Earnings For each of the 2019 following balance sheet items of Serra Co., use the letters above to indi appropriate classification category: 1. Restricted Cash to retire bonds in 2024. 2. Trading Securities. 3. Deferred Service Revenue (services to be performed...
All of the current year's entries for Zimmerman Company have been made, except the following adjusting...
All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31 On September 1 of the current year, Zimmerman collected six months' rent of $8,520 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,520. On October 1 of the current year, the company borrowed $13,200 from a local bank and signed a one-year, 12 percent note for that...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B)...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B) solvency. c) profitability. D) financial flexibility. 2. The net assets of a business are equal to A) current assets minus current liabilities. W B) total assets plus total liabilities. C) total assets minus total stockholders' equity. (D) none of these answer choices are correct. 3. The basis for classifying assets as current or noncurrent is conversion to cash within A) the accounting cycle or...
The following are the typical classifications used in a balance sheet: b. Current assets Investments Property,...
The following are the typical classifications used in a balance sheet: b. Current assets Investments Property, plant, and equipment Intangible assets Other assets f. Current liabilities Long-term liabilities h. Paid-in capital i. Retained earnings d. Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 1. 10. 2. 11. 3. 12. 4. 13. 5. Equipment Accounts...
Restate the current assets and current liabilities sections of the balance sheet in accordance with good...
Restate the current assets and current liabilities sections of
the balance sheet in accordance with good accounting practice.
The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses Total current assets Sunland Co. Balance Sheet (Partial) As of December 31, 2017 $17,900 Accounts payable $39,600 Notes payable 3,200 36,400 Unearned revenue 61,100 Total current liabilities 7,400 $122,800 $29,500 15,400 3,800 $48,700 The...
All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $9,600 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $9,600. b. On October 1 of the current year, the company borrowed $18,000 from a local bank and signed a one-year, 12 percent note...
All of the current year's entries for Zimmerman Company have
been made, except the following adjusting entries. The company's
annual accounting year ends on December 31
On September 1 of the current year, Zimmerman collected six
months' rent of $9,000 on storage space. At that date, Zimmerman
debited Cash and credited Unearned Rent Revenue for $9,000.
On October 1 of the current year, the company borrowed $16,800
from a local bank and signed a one-year, 14 percent note for that...
All of the current year's entries for Zimmerman Company have
been made, except the following adjusting entries. The company's
annual accounting year ends on December 31
On September 1 of the current year, Zimmerman collected six
months' rent of $8,820 on storage space. At that date, Zimmerman
debited Cash and credited Unearned Rent Revenue for $8,820.
On October 1 of the current year, the company borrowed $16,800
from a local bank and signed a one-year, 14 percent note for that...
The following are typical classifications used in the balance sheet for Serra Co. a. Current Assets b. Investments C. Property, Plant & Equipment d. Intangible Assets e. Other Assets f. Current Liabilities 9. Long-term Liabilities h. Paid-in-Capital i. Retained Earnings For each of the 2019 following balance sheet items of Serra Co., use the letters above to indi appropriate classification category: 1. Restricted Cash to retire bonds in 2024. 2. Trading Securities. 3. Deferred Service Revenue (services to be performed...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B) solvency. c) profitability. D) financial flexibility. 2. The net assets of a business are equal to A) current assets minus current liabilities. W B) total assets plus total liabilities. C) total assets minus total stockholders' equity. (D) none of these answer choices are correct. 3. The basis for classifying assets as current or noncurrent is conversion to cash within A) the accounting cycle or...
The following are the typical classifications used in a balance sheet: b. Current assets Investments Property, plant, and equipment Intangible assets Other assets f. Current liabilities Long-term liabilities h. Paid-in capital i. Retained earnings d. Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 1. 10. 2. 11. 3. 12. 4. 13. 5. Equipment Accounts...
Restate the current assets and current liabilities sections of
the balance sheet in accordance with good accounting practice.
The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses Total current assets Sunland Co. Balance Sheet (Partial) As of December 31, 2017 $17,900 Accounts payable $39,600 Notes payable 3,200 36,400 Unearned revenue 61,100 Total current liabilities 7,400 $122,800 $29,500 15,400 3,800 $48,700 The...
Most questions answered within 3 hours.
-
A solid, uniform disk of radius 0.250 m and mass 53.7 kg rolls
down a ramp...
asked 48 minutes ago -
Given the following table of high speed internet access vs.
annual home income:
Home Income
%...
asked 1 hour ago -
A baseball batter hits a 0.145kg baseball straight up into the
air. The baseball leaves the...
asked 1 hour ago -
An FM modulator is tested using
single-tone baseband signal with frequency of 50kHz and a sprectrum...
asked 2 hours ago -
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 3 hours ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 4 hours ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 5 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 5 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 6 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 6 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 6 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 6 hours ago