All of the following describe a liability except. a. investments by owners b. outsider claims c. debts to creditors d. economic obligations to creditors
Q: Fine individual divisions ?
A: Step 1: Define Contribution Margin Income StatementIn financial accounting, the creation of…
Q: Provide correct answer general accounting
A: Step 1: Define Sales CommissionA salesman may receive a sales commission for recommending a good or…
Q: A company manufactures custom furniture and uses a process costing system. During the month of…
A: Concept of Process Costing: Process costing is a cost accounting system used ehwn identical or…
Q: Provide correct answer general Accounting
A: Steps for Calculations:A) Cost of Goods Manufactured (COGM):Use the formula: • COGM = Direct…
Q: A company has sales of $389,000 and cost of goods sold of $174,000. What is the gross profit margin?…
A: Explanation of Gross Profit Margin:Gross Profit Margin is a critical profitability metric that…
Q: A factory has direct labor costs of $51,000 and direct material costs of $33,000. If the factorys…
A: Concept of Direct Labor Costs: Direct labor costs are the wages paid to workers who are directly…
Q: Provide correct answer the accounting question
A: Step 1: Define Gross MarginGross Margin is the difference between sales revenue and the cost of…
Q: Que. Account
A: The correct answer is:c. expenses. Explanation:Owner's equity is decreased by expenses…
Q: Accounting 14
A: Explanation of Work in Process (WIP) Inventory:Work in process (WIP) inventory represents the…
Q: Which of the following is not a correct form of the accounting equation? a. Assets equals…
A: The correct answer is:b. Assets + Stockholders' equity equals Liabilities. The Fundamental…
Q: Don't use ai given answer accounting questions
A: To calculate the price-earnings (P/E) ratio, we first need to find the earnings per share (EPS) and…
Q: Brightside pest Control... please answer this accounting question
A: Step 1: Define Net IncomeNet income is the amount of earnings left after subtracting all expenses,…
Q: Hi teacher please help me this question general accounting
A: Step 1: Define Overhead Allocation RateService companies can trace their direct labor costs to…
Q: If a company's net income for the year is $115,000 and its total assets at the beginning of the year…
A: Explanation: The formula to calculate the Return on Assets (ROA) is as follows:ROA = (Net…
Q: Thompson Manufacturing allocates overhead based on machine hours. The following data is provided: ⚫…
A: Step 1: Definition of Over- or Under-Allocated OverheadOver- or under-allocated manufacturing…
Q: Kindly help me with accounting questions
A: Approach to solving the question: For better clarity of the solution, I have provided both the…
Q: Please provide solution for this general accounting question?
A: Step 1: Define Accounting EquationThe Accounting Equation is the foundation of double-entry…
Q: A company buys equipment for $54,000 with a salvage value of $5,000 and an expected useful life of…
A: Concept of Cost of Equipment:The cost of equipment refers to the total amount spent by a company to…
Q: Myrna and Geoffrey filed a joint tax return in 2017. Their AGI was $85,000, and itemized deductions…
A: To determine how much of the state income tax refund Myrna and Geoffrey must include in their gross…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Gross Profit MarginGross profit margin represents the percentage of revenue…
Q: Moh cost
A: Explanation of Applied MOH:Applied Manufacturing Overhead (MOH) is the amount of overhead costs…
Q: General Accounting Question need help
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a financial metric that measures the…
Q: Need help with this accounting questions
A: Step 1: Definition of Quick RatioThe quick ratio, also known as the acid-test ratio, measures a…
Q: During FY 2005 T-REX Manufacturing had total manufacturing costs are $418,000. Their cost of goods…
A: Explanation of Manufacturing Costs: These are all costs directly involved in the production of…
Q: General accounting
A: Step 1: Formula Debt to equity ratio = Debt/EquityDebt = Debt to equity ratio x Equity Step 2:…
Q: What is the payback period in years for the machine? General accounting
A: Step 1: Define Payback PeriodThe payback period calculates the recovery period of the investment…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Degree of Operating LeverageDegree of operating leverage (DOL) measures the…
Q: I want to correct answer accounting questions
A: Step 1: Definition of Overapplied or Underapplied Manufacturing OverheadOverapplied or underapplied…
Q: General accounting
A: Formula for Cost of Goods Sold (COGS):COGS (unadjusted)=Cost of Goods Manufactured+Beginning…
Q: If supplies that have been purchased are used in the course of business, then: a. a liability will…
A: The correct answer is:c. owner's equity will decrease. Explanation:When supplies are used in the…
Q: Cool Sky reports the following costing data on its product for its first year of operations. During…
A: Step 1: Identify Key ComponentsSales Revenue: Sales Revenue=Units Sold×Sales Price per…
Q: Myrna and Geoffrey filed a joint tax return in 2017. Their AGI was $85,000, and itemized deductions…
A: The tax benefit rule states that if a taxpayer received a deduction in one year and later recovers…
Q: Kindly help me with accounting questions
A: Step 1: Define Factory OverheadFactory overhead should be allocated using a base related to…
Q: A company uses a process cost accounting system. It's Sewing Department completed and transferred…
A: Approach to solving the question: Units completed and transferred outFormula for Equivalent Units of…
Q: Beginning wip inventory?
A: Detailed explanation:FY 2005 Beginning Work in Process Inventory = (Cost of Goods Manufactured +…
Q: What chasse's free cash flow and cash flow adequacy ratio ?
A: The question requires the determination of the free cash flow and cash flow adequacy ratio. Free…
Q: What is the Ending Inventory?
A: Explanation of Ending Inventory:Ending inventory refers to the value of goods that remain unsold at…
Q: Determine the cost of the patent??
A: Step 1: Define Intangible AssetsFixed assets are broadly classified into tangible and intangible…
Q: Cool waters total liabilities are?
A: Explanation of Assets:Assets are resources owned by a company that have economic value and are…
Q: Determine the number of equivalent units of production with respect to direct materials and…
A: To calculate the equivalent units of production for the Converting Department, we use the…
Q: Provide correct answer financial accounting
A: Step 1: Define Material Price VarianceThis variance sets the accountability of the purchasing…
Q: Need help this question general accounting
A: Step 1: Define GoodwillThere are some assets that are not physical in nature. These assets are…
Q: General accounting
A: Step 1: Define Payback PeriodThe payback period of a project doesn't comment on its profitability…
Q: A company has beginning inventory of 2,300 units at a cost of $4.4 per unit. During the month, it…
A: Concept of Beginning Inventory: Beginning inventory refers to the number of units or stock a…
Q: What is it's ROE on these financial accounting question?
A: Step 1: Define Asset TurnoverInvestors use asset turnover to determine the revenue generated by a…
Q: How much will you have in 11 years ?? General accounting
A: To find out how much you will have in 11 years, we calculate the future value of the $43,000 after…
Q: A company carries an average annual inventory of $4.3 million if it estimates the cost of capital is…
A: The question requires the determination of the inventory carrying cost. Inventory carrying or…
Q: Please financial accounting expert need your help
A: Concept of Beta in CAPM: Beta is a measure of an asset's sensitivity to market movements and…
Q: T-REX manufacturing had total manufacturing costs are $418,000
A: Explanation of Beginning Work-in-Process (WIP) Inventory:Beginning Work-in-Process (WIP) inventory…
Q: Financial accounting
A: Step 1: Define LoanThe loan is the amount of money lent by the lender to the borrower, which the…
All of the following describe a liability except _.
Step by step
Solved in 2 steps
- Which of the following is most likely to be classified and reported as a current liability? a. Prepaid Expense b. Bond Payable c. Mortgage Payable d. Unearned Revenue O None of the aboveWhich of the following is usually not an accrued liability? Select one: a. Notes payable b. Taxes payable C. The answer does not exist d. Wages payable e. Interest payable Jump to...For a liability to be recognised within the financial statements, it needs to be reasonably apparent that an obligation to an ____________exists. Select one alternative: legal obligation external party another party counter party
- Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate non-market related OBS liability example.Which of the following is least likely to be classified as a current liability? Select one: Accounts payable Income tax payable Bonds payable Unearned revenueа. Define what is an off-balance sheet activity? Also provide an example of an off-balance sheet liability.
- 1. Which of the following is not an essential characteristic of a liability? * a. It is a present obligation that entails settlement by probable future transfer or use of cash, goods or services. b. The liability must be an unavoidable obligation. c. The transaction or other event creating the obligation must have already occurred. d. The obligation must be settled to an identifiable party.Liabilities are the owner's claim on assets. Group of answer choices True False1. What are contingent liabilities and could you give some examples of contingent liabilities? Which two conditions have to be met in order to report a contingent liability on a balance sheet?
- When should a contingent liability be recognized and reported on the financial statements? A. Reporting contingent liabilities do not require they be probable or reasonably estimated B. When the contingent liability is probable C. When a reasonable estimation can be made of the amount owed D. When the contingent liability is probable and a reasonable estimation can be made of the amount owedDefine debtor-in-possession (DIP) financingWhich item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt