Property of a relatively permanent nature used in the operation of a business and not intended for resale:

a$.$ current liabilities

d$.$ long term liability

b$.$ fixed asset

e$.$ current asset

c$.$ owner's equity

Person who agrees to perform a service for a fee and who is not subject to the control of those for whom the

service is performed:

a$.$ employee

d$.$ independent contractor

b$.$ bookkeeper

e$.$ stockholder

c$.$ manager

Prepaid insurance should be classified on the

a$.$ balance sheet as a current liability

d$.$ balance sheet as a fixed asset

b$.$ balance sheet as a long$-$term liability

e$.$ income statement as an expense

c$.$ balance sheet as a current asset

Use the following information for items $37-42$ :

Compute Working Capital:

a$.60,000$

b$.50,000$

c$.55,000$

d$.100,000$

e$.10,000$

Compute Current Ratio:

a$.6$:$1$

$($b$.)7$:$1$

c$.5$:$1.$

d$.5\mathrm{.}5$:$1$

e$.10$:$1$

Compute net purchases:

a$.140,000$

b$.170,000$

c$.190,000$

d$.185,000$

e$.180,000$

Compute Goods Available:

a$.200,000$

b$.210,000$

c$.240,000$

d$.220,000$

e$.140,000$

Compute Cost Of Goods:SOLD $($C$.$O$.$G$.$S$.)$

a$.180,000$

b$.190,000$

c$.200,000$

d$.210,000$

e$.220,000$

Total Fixed Assets:

a$.500,000$

b$.700,000$

c$.600,000$

d$.300,000$

e$.800,000$