What do you mean by liabilities? Write five examples of expenses?
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- What do you mean by liabilities?
- Write five examples of expenses?
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- Please tell me if the following are an asset, liability or equity account and if they are real or nominal 1) Accounts payable 2) Service fees revenues 3) Tax expense 4) Cash 5) Interest receivable 6) Accounts receivable 7) Smith, drawings 8) Retained earnings 9) Depreciation expense 10) Interest income (also what is interest income? Example? is a DR or CR balance?)Why should rent expense added by 340 and multiply by 2Accrued expenses are: 4 O long-term liabilities that have been incurred but not yet paid O long-term liabilities that have been paid, but not yet accrued O short-term liabilities that have been incurred but not yet paid O short-term liabilities that have been prepaid
- Hi there, this question uses the T-char and asks to calculate: - cost of supplies during this period - cost paid to purcahse new insurance this period - amount of interest payable that was paid during this period How do I calculate this?What are bad debts expenses? Give four examples?10.Which of the following accounts would be increased with a debit? a. Withdrawals account. b. Legal fees earned c. Rent Payable d. Owner’s capital account
- Listed below are several terms and phrases associated with current liabilities. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it. List A List B 1. Interest expense is recorded in the period interest is incurred rather than in the period interest is paid. 2. Payment is reasonably possible and is reasonably estimable. 3. Cash, current investments, and accounts receivable all divided by current liabilities. 4. Payment is probable and is reasonably estimable. 5. Gift cards. 6. Long-term debt maturing within one year. 7. Social Security and Medicare. 8. Unsecured notes sold in minimum denominations of $25,000 with maturities up to 270 days. 9. Classifying liabilities as either current or long-term helps investors and creditors assess this. 10. Incurred on notes payable. a. The riskiness of a business’s obligations. b. Current portion of long-term debt. c. Recording a contingent liability. d. Disclosure of a contingent…Use the Income Statement worksheet below to answer: Which of the following items on the Income Statement connects to the same year’s Balance Sheet? Question 3 options: Liability Insurance Net Income EBT Gross Profit EBTDAName three accounts typical of the liability side of a Balance Sheet. In what side would you enter “discounts earneed?”