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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?
48 Morgado Inc. has provided the following data to be used in evaluating a proposed investment project: Initial investment $130,000 Annual cash receipts $78,000 Life of th
Q. Define about financial gearing? As financial gearing raise the burden of interest payments increases and earnings become more volatile. Since interest payments should be met
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Problem on balance sheet: At the beginning of 20X2, Dahl Ltd. acquired 8% of the outstanding common shares of Tippy Ltd. for $400,000. This amounted to 80,000 shares. At th
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Which of the following is not a measurement issue in accouting a. when to record a business transaction b. how to classify the items of a businesss transaction c. when to classify
Concept of accounting for Wealth creation It is significant to recognise that generating wealth for the owners isn't the same as seeking to maximise the current year's profit.
The following costs were incurred in 2010 in the design and construction of a new office building over a nine-month period during 2010: Requirement Calculate the amount
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