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The following items represent liabilities on a firm's balance sheet:a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no notewas executed.b. An amount of money owed to a creditor on a note due April 30, 2013.c. An amount of money owed to a creditor on a note due August 15, 2014.d. An amount of money owed to employees for work performed during the last week in December.e. An amount of money owed to a bank for the use of borrowed funds due on March 1, 2013.f. An amount of money owed to a creditor as an annual installment payment on a ten-yearnote.g. An amount of money owed to the federal government based on the company's annualincome.
Required1. For each item, state whether it should be classified as a current liability on the December 31,2012, balance sheet. Assume that the operating cycle is shorter than one year. If the itemshould not be classified as a current liability, indicate where on the balance sheet it should bepresented.2. For each item identified as a current liability in part (1), state the account title that is normally used to report the item on the balance sheet.3. Why would an investor or a creditor be interested in whether an item is a current or a longterm liabilities?
Notice an Rs.50, 000 investment in a one year fixed deposit and rolled over yearly for the subsequently two years. The interest rate for the primary year is 5 percent yearly and
CHARACTERISTICS OF PARTNERSHIP
The current balance sheet of CBKH shows $800 million of corporate loans ($500 million of which being rated AA- and the remaining rated BBB+), $200 million of bonds issued by an OEC
PROOF OF DEBTS The following rules apply as to the proving of debts: 1) A creditor has no right to vote or receive dividends until his debt is proved to the satisfaction of th
Inter Company balances One of the companies may appear as receivable (debtor) or payable (creditor) in the other company’s books. Just like in accounting four branches, such in
The rules of intestacy Agricultural land, crops and livestock in certain areas of Kenya are not covered by these rules; they are distributed according to the law or custom of t
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Which of the following procedures involves transferring amounts recorded in the general journal to ledger accounts? Answer a. preparing a tria
Fund accounting and preparation of financial statements) The scenario: At the start of the year beginning January 1, 2013, Coco City's General Fund had a cash balance of $40,000, v
what is non-current asset
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