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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?
Dietz&Dow Industries (DDI) makes an unexpected takeover bid for Hein & Hillgen Instruments (HHI). DDI offers to pay $50 per share of HHI, which represents a 25% premium over the pr
STATEMENTS OF FINANCIAL POSITION: as at 31 December 2011 Group Note 2011 2010 RM'
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks
Sema pic, a company in the heavy engineering industry, carried out an expansion programme in the 2016 financial year, in order to meet a permanent increase in contracts. The compan
on 31.12.2001 the following trail balance sheet was prepared from the book of raju debit credit sundry debators 50,ooo - sundry creditors -
Presentation and hearing The petition is presented to the court and must be served on the debtor at least eight days before the hearing. If the debtor wishes to oppose it he mu
1 The entry establishing a $175 petty cash fund would include a: a) debit to cash for $175 b) credit to Petty cash for $175 c) debit to petty cash for $175 d) debit to miscellaneou
MarmadukeMuffett once had a girlfriend who ran an antiques business in London'sKings Road. Ever since then, he has been hooked on the furniture trade and now runsMarmaduke'sMarvell
Uncertainty concerning the business It has been recognised in a variety of studies that the problem of adequately financing SMEs is a problem of uncertainty. A defining feature
Determine the future value of Rs.1000 compounded continuously for 5 year on the interest rate of 12 percent per year and contrast it along with annual compounding. Solution :
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