User Account

All Pages

Which companies should record loans as a current liability

Assignment Help Accounting Basics
Reference no: EM132699016

Problem 1: On January 1, 2005, Marks Brothers owes National Bank $10,000 payable over one year, Shoe Shine Heaven owes Seacoast National $23,000 payable over 5 years, and Pattis Bistro owes $98 000 to the Saving and Loan payable over 30 years. The Loans to Shoe Shine and Patti do not require any payments until the second year. Which of the following Companies should record their loans as a current Liability?

A- Only Marks Brothers.
B- Only Pattis Bistro.
C- Only Shoe Shine Heaven.
D- Both Mrkes Brothers and Shoe Shine Heaven.
E- All three companies should record

Reference no: EM132699016

Questions Cloud

Contrast two different leadership styles : Identify, compare, and contrast the two different leadership styles of each one. Be sure to add applicable leadership theories and concepts.
What was total cash received in March : Sales were December $180,000; January $220,000; February $250,000; and March $300,000. What was total cash received in March
Innovation-technology and risk : xplain the interrelationship between innovation and entrepreneurship. Compare risks and benefits of a social-organization as it relates to change and innovation
Which of the scenarios depicts the correct use of the petty : Which of the scenarios depicts the correct use of the Petty Cash account? The warehouse manager asks for a personal loan until payday.
Which companies should record loans as a current liability : Shine and Patti do not require any payments until the second year. Which of the Companies should record their loans as a current Liability?
Case problem-inventory management : The current policy is to order 24 times per year, ordering 3,000 units each time. A company faces a constant demand of 72,000 units per year.
How can be prepared for the position ahead of time : How can be prepared for this position ahead of time, and things that are unique to the medical field in relation to bookkeeping.
Calculate the available time to work for the line : An assembly line has a total of 8 hours available time in a shift. The employees working the shifts have a forty minutes lunch break and two fifteen minute
Which best describes how should post that entry : Your company buys $250,000 worth of material on terms of 10% net 10. Which best describes how you should post that entry?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Culturally responsive classroom strategies

Read the articles "10 Effective DAP Teaching Strategies" and "Culturally Responsive Classroom Strategies." In addition, view the Culture in the Classroom website and the Keynote by Lisa Delpit (Teaching Tolerance) video.

  Problem regarding the different amounts of fertilizer

Suppose that different amounts of fertilizer had been used in different fields that were involved in the wheat trials. (a) Explain how the use of different amounts of fertilizer confounds the experimental analysis in the absence of randomization.

  Prepare the entries to record the interest expense and

conversion of bonds the december 31 2012 balance sheet of osygus corp. is as follows. 10 callable convertible bonds

  Preparing the statement of cash flows

Bean Town Food Equipment Company had the following transactions for the month ending February 29, 2016. Bean Town's cash balance on February 1, 2016.

  Find the financial statements for a publicly traded company

All posts should be grammatically correct and proofread for spelling.

  Manufactures two types of vases

Rose Incorporated manufactures two types of vases, small and large. The following per-unit data are available.

  Determining the employment-population ratio

This chart, showing the share of adults with jobs, offers the best summary you'll find." The "share of adults with jobs" is known more formally as the employment-population ratio. Why might the employment-population ratio provide the "best summary..

  What is the value of cpa corp ending inventory

Using the dollar-value LIFO method, what is the value of CPA Corp's ending inventory on December 31, 2017

  How much of the expert''s salary should be allocated to tents

How much of the expert's salary should be allocated to tents produced in January and February

  How is the cost of ending inventory determined

What is a LIFO inventory pool? How is the cost of ending inventory determined when pools are used?

  As a pricing analyst for the value supreme grocery chain

as a pricing analyst for the value supreme grocery chain you are asked to prepare the analysis of a proposal to price

  What is the investor new margin position

Assume that an investor buys 100 shares of stock at $50 per share, putting up a 60% margin. If the stock rises to $60 per share.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd