14&15&16

14. What is the name for operating assets with no physical properties? a. intangible assets b. current assets c. plant assets d. property, plant, and equipment 15. A local tennis club sells season memberships for $1.000 each. During January, 50 season memberships were sold. As of March 31, only $25,000 of season membership fees had been collected from customers. The tennis season runs for six months starting April 1. Using accrual accounting, which of the following is an amount reported on the statement of financial position dated March 312 a. tennis membership revenue of $25,000 b. unearned tennis membership revenue of $25,000 c. accounts receivable of $50,000 d. unearned tennis membership revenue of $50,000 16. Which of the following would appear on the statement of financial position as a current liability? a. a probable loss in the amount of $4 million from an ongoing lawsuit b. a possible loss in the amount of $4 million from an ongoing lawsuit c. a probable loss from an ongoing lawsuit, the amount of which is not yet determinable d. a lawsuit for $4 million for which the likelihood of loss is remote