Classify the following items into liabilities and assets: (a) Motor vehicles (f) Owing to bank (b) Premises

Question:

Classify the following items into liabilities and assets:

(a) Motor vehicles

(f) Owing to bank

(b) Premises (g) Cash in hand

(c) Accounts payable for inventory (h) Loan from D. Jones

(d) Inventory (i) Machinery

(e) Accounts receivable

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

See More Books

Question Posted: Jan 28, 2024 01:02 AM

See More Questions

1.3 Which of the items in the following list are liabilities and which of them are assets? (a) Loan to C Shirley (d) Computers (b) Bank overdraft (e) We owe a supplier for goods (c) Fixtures and...
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first...
Classify the following items into liabilities and assets: (a) Motor vehicles (b) Premises (c) Creditors for goods (d) Stock of goods (e) Debtors (f) Owing to bank (g) Cash in hand (h) Loan from D...
The methyl alcohol flowing in the inner pipe of a double pipe exchanger is cooled with water flowing in the jacket. The inner pipe is made from 1-inch (25mm) schedule 40 steel pipe. The thermal...
How much work did the movers do (horizontally) pushing a 160-kg crate 10.3 across a rough floor without acceleration, if the effective coefficient of friction was 0.50?
Prepare a weekly forecast for the next four weeks for each product. Briefly explain why you chose the methods you used. (Hint: For product 2, a simple approach, possibly some sort of naive/intuitive...
From the following data, calculate MPV, MUV and MMV: Raw material Standard Actual A 40 units at Rs 50 per unit 50 units at Rs 50 per units B 60 units at Rs 40 per unit 60 units at Rs 45 per unit
Assume that Models and More store bought and sold a line of dolls during December as follows: Requirements 1. Compute the cost of cost of goods sold, cost of ending merchandise inventory, and gross...
Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for prepar ing budgets for Snare for the first 2 quarters of 2020. 1. Sales: quarter...
Luca Pacioli is setting up a new business. Before actually selling anything, he bought a van for 13,000, a transportable market stall for 1,050; a computer for 450; and an inventory of goods for...
Which of the items in the following list are liabilities and which of them are assets? (a) Loan from A. Sangster (d) Bank overdraft (b) We owe a supplier (e) Inventory of goods held for sale (c)...
Give a recursive algorithm for finding n! modm whenever n and m are positive integers.
Problem 2.01 An ant is crawling along a straight wire, which we shall call the x axis, from A to B to C to D (which overlaps A), as shown in the figure below. O is the origin. Suppose you take...
In a separate C++ program, do the following: a) Create an unordered linked list by declaring a linked list of the unordered LinkedList type. You may assume that this list is to be comprised of...
TranscribedText: El. You are sitting at a table that has a solid round top {5.1"} kg] and a single solid cvlindrical leg {4. kg) [see figure, note that the tilt angle is exaggerated to he...
The municipal mill rate in the neighbourhood is 22.375 mills. There is an educational mill rate of 11.35 mills. The following list is the municipalities planned local improvement costs for the next...
Maggie Company had the following functional income statement for the month of May, 2020: MAGGIE COMPANY Functional Income Statement For the Month Ending May 31, 2020 Sales (30,000 units) $300,000...
Ecologists investigating interactions of two species at a study site first counted individuals of Species A and then removed all Species B individuals. Six months later, the ecologists again counted...
PC Contractors, Inc., was an excavating business in Kansas City, Missouri. Union Bank made loans to PC, subject to a perfected security interest in its equipment and other assets, including...
From the following figures calculate the closing stock in trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods. March September Bought 100 at 16 each 220 at 19 each December Sold...
The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader. The following additional information as at 31 May 20X6 is available: (a) Rent is accrued by 210. (b) Rates...
This question also relates to extended trial balances (see Exhibit 28.2) From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the...
You would like to have a balance of $600,000 at the end of 15 years from monthly savings of $900. If your returns are compounded monthly, what is the APR you need to meet your goal?
Explain the importance of covariance and correlation between assets and understanding the expected value, variance, and standard deviation of a random variable and of returns on a portfolio.
On August 1 , 2 0 2 3 , Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following occurred during the first month of operations: Aug. 1 Purchased...

Classify the following items into liabilities and assets: (a) Motor vehicles (f) Owing to bank (b) Premises

Question:

Step by Step Answer:

Classifying the given items into liabilities and assets would work like this Assets Assets are resou...View the full answer

Frank Woods Business Accounting

Students also viewed these Business questions