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Record liabilities separately because helps users to assess

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Problem 1: Barium Corp. purchased a piece of equipment on September 30 for $27,000. It cost $400 to ship the equipment to the company's facilities and another $1,000 to install the equipment. After the equipment was installed the company had to pay an additional $1,500 for increased insurance. The capitalized cost of the equipment was

A) $29,900.

B) $29,500.

C) $28,400.

D) $27,400.

Problem 2: Given that most current liabilities will be settled with cash, it is important to identify and record these liabilities separately because it helps users to assess

A) solvency.

B) cash position.

C) net income.

D) liquidity.

Problem 3: All of the following are ways that corporations can finance current cash shortages except a

A) line of credit.

B) current portion of long-term debt.

C) short-term loan.

D) working capital loan.

Reference no: EM132953409

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