Classify the following items into liabilities and assets (a) Computers (b) Buildings (c) Accounts payable for inventory (d) Inventory (e) Accounts receivable (f) Cash in bank (g) Bank overdraft (h) Loan to D Pratt (i) Vans...

Answer Lets classify each item from the list as either a liability or an asset Assets 1 Computers Computers represent tangible assets owned by the com ...

Classify the following items into liabilities and assets: (a) Computers (b) Buildings (c) Accounts payable for inventory

Question:

Classify the following items into liabilities and assets:

image text in transcribed

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 Volume 1

ISBN: 9781292084664

13th Edition

Authors: Alan Sangster, Frank Wood

See More Books

Question Posted: Mar 26, 2024 05:00 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...
Taking the data of Example 2, classify different liability items as provided under Indian GAAP. Data from Example 2 Classify the following items into different categories of assets as provided under...
Classify the following items into the cost of sales, distribution costs, administrative expenses, other operating income or items to be disclosed after trading profit: (a) Personnel department costs...
If OPEC raised the price of oil high enough, would that be sufficient to promote an efficient energy mix?
1. What is "diversity of citizenship? 2. How does the presence-or lack-of diversity of citizenship affect a lawsuit? 3. What did the court conclude with respect to the parties' "diversity of...
What is the relationship between external analysis and service area competitor analysis?
Standard-costing method, assigning costs. Refer to the information in Exercise 17-22. Suppose the Satellite Assembly Division uses the standard-costing method ofprocess costing. Suppose further that...
Michael McNamee is the proprietor of a property management company, Apartment Exchange, near the campus of Pensacola State College. The business has cash of $ 8,000 and furniture that cost $ 9,000...
Way Corporation disposed of the following tangible personal property assets in the current year. Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer...
Basil Yamey is setting up a new business. Before selling anything, he bought a van for 9,000; a transportable market stall for 1,800; a computer for 280; and an inventory of goods for 11,200. He did...
Which of the items in the following list are liabilities and which of them are assets? (a) Loan to A. Sangster (b) We are owed by a customer (c) Equipment (d) Bank overdraft (e) Inventory of goods...
How can you turn an array into a List?
How has face book influenced political candidate's electoral success? What is the relationship between social media technology called face book and electoral success?
1. Discuss the international strategies that organizations can pursue 2. Identify and compare the various modes of of foreign market entry 3. Analyse the industry market 4. Evaluate relevant macro...
A bulk carrier was underway. The vessel was in ballast and hold washing was scheduled in preparation for taking the next cargo. An officer, bosun, and another deck crew conducted a risk assessment...
8. Neutrino radiation was observed over a certain period and the number of hours in which 0, 1, 2,... signals were received was recorded. 0 1 Number of Number of Hours with Signals per Hour This...
What are some advantages and disadvantages of centralization and decentralization. References: Altamimi, H., Liu, Q., & Jimenez, B. (2023). Not Too Much, Not Too Little: Centralization,...
What is a standard family trust? Give an illustration.
Estimate a range for the optimal objective value for the following LPs: (a) Minimize z = 5x1 + 2x2 Subject to X1 - x2 3 2x1 + 3x2 5 X1, x2 0 (b) Maximize z = x1 + 5x2 + 3x3 Subject to X1 + 2x2 +...
Use the failure probability and consequence scores shown in the table to determine the risk factor for the project. Maturity 0.2 Cost 0.5 Complexity 0.5 Schedule 0.1 Dependency 0.4 Reliability 0.2...
Heidi, age 61, has contributed $20,000 in total to her Roth 401(k) account over a six-year period. When her account was worth $50,000 and Heidi was in desperate need of cash, Heidi received a $30,000...
The liability for preferred dividends declared is recorded on the date of record. 1 point True False

Classify the following items into liabilities and assets: (a) Computers (b) Buildings (c) Accounts payable for inventory

Question:

(a) Computers (b) Buildings (c) Accounts payable for inventory (d) Inventory (e) Accounts receivable (f) Cash in bank (g) Bank overdraft (h) Loan to D. Pratt (i) Vans

Step by Step Answer:

Answer Lets classify each item from the list as either a liability or an asset Assets 1 Computers Computers represent tangible assets owned by the com...View the full answer

Frank Woods Business Accounting Volume 1

Students also viewed these Business questions