Which of the following would appear on the balance sheet as a current liability? Group of answer choices A. Amounts owed to suppliers for purchases on account. B. Amounts due from customers for services provided on account. C. Cash in the bank. D. Amounts due to the bank to be repaid in 5 years.
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- Which of the following is a liability created when a company receives cash for services to be provided in the future? Select one: a. Unearned revenue b. Estimated warranty payable c. Service revenue d. Accrued liabilityHow would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Deposit received from customer to guarantee performance of a contract. h. Sales taxes payable. i. Gift certificates sold to customers but not yet redeemed. j. Premium offers outstanding. k. Discount on notes payable. l. Personal injury claim pending. m. Current maturities of long-term debts to be paid from current assets. n. Cash dividends declared but unpaid. o. Dividends in arrears on preferred stock. p. Loans from officers.The accounting treatment of Discount on bill discounted is: a. A current liability b. A current asset c. An income for a bank d. An expenses for a bank
- Which of the following statements is false? Select one: a. The separation of current debt from long-term debt is done on the date of the balance sheet b. Each year, the amount of long-term debt would increase, as a portion is classified as current debt. c. Current assets include cash, accounts receivable and prepaid insurance. d. Long-term assets include vehicles, computers and furniture.Accounting The procedure that best reveals the existence of contingent debts is а. Review the invoices paid during the year to creditors of our client. b. Confirm with the client's attorneys. C. Confirm a sample of customer accounts payable.Which of the following will affect net income? O O Writing off an Account Receivable. Estimating bad debts at the end of the year Re-establishing and collection of an account that was previously written off. O All of the above transactions will affect net income.
- 1. In the _____, a balance is calculated at the end of each each, incorporating any purchases, credits, or payments that were made that day. 2. If you deposit a sum of money P in a savings account or if you borrow a sum of money P from a lender, then P is reffered to as the ______?.______ a debt means that the debr is retired in a given length of time by equal periodic payments that include compound interest. 3. An _____ is a sequence of equal period payments, If payments are made at the end of each time interval, the annuity is called an _____.? Fill in the blank for each questions thanks.Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payableMirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
- Which of the following transactions involves the exchange of a liability for an expense? Providing services for a customer on account Purchasing supplies on account Paying a utility bill on account Taking out a 6-month loan from the bankWhich of the following is not classified as a current liability account? a. salaries and wages payable b. income taxes payable c. accounts payable d. notes payable due in 2 yearsRequired: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2021. 2. Determine the liability for refundable deposits to be reported on the December 31, 2021, balance sheet.