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GREYUIT [131]
2 years ago
10

XYZ borrowed $50,000 this year. Half of the loan will be repaid next year and the remainder will be paid the following year. How

will the $50,000 be reported on its balance sheet at the end of this year? (Check all that apply.)
Business
2 answers:
sasho [114]2 years ago
7 0

Answer:

<u>Under current liabilities you must record:</u>

Current portion of long-term debt (CPLTD) $25,000

Accrued interest payable XXX (the interest rate is not given)

<u>Under long term liabilities you must record:</u>

Long-term debt (LTD) $25,000

Explanation:

Current portion of long-term debt (CPLTD) account in the balance sheet is used to report the amount of long-term debt principal that is due within a year. Accrued interest expense must be recorded separately, since interests and principal must be treated separately.

finlep [7]2 years ago
4 0

Answer:

The answer is given below;

Explanation:

                                              XYZ

                                        Extracts from Balance Sheet

                                        As at XXXXX

Current Liabilities

Current  portion of long term loan     *$25,000

Long Term Liabilities

Long Term Loan                                   $25,000

As the 50% of the loan will be repaid in next year, therefore ($50,000/2) will be shown in current liabilities. The rest of the  loan is shown  as long term loan as it will be repaid after 12 months.

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Stevenson, Ross, and Warner (SRW) ​ Maddie is the CEO of Stevenson, Ross, and Warner (SRW), a regional accounting firm. SRW of
Dvinal [7]

Answer:

E. have a strong background in financial management.

Explanation:

Since in the question it is mentioned that  (SRW) which is a regional accounting firm that offers services like auditing, accounting, and consultancy. But there are gaps in the information that are not solved by the firm also it violates the Sarbanes-Oxley Act.

Now to be successful there should be a strong background in the financial management

Hence, the option E is correct

8 0
2 years ago
Romeo Corporation reports the following for the year:
Wewaii [24]

Answer:

C. $15,000

Explanation:

Given that

Finished goods inventory, January 1 $ 3,200

Finished goods inventory, December 31 4,000

Total cost of goods sold 14,200

So the cost of goods manufactured is

As we know that

Cost of goods sold = Opening balance of finished goods + Cost of goods manufactured - ending balance of finished goods

$14,200 = $3,200 + Cost of goods manufactured - $4,000

So, the cost of goods manufactured is $15,000

3 0
2 years ago
Remember that Molly has a $2500 down payment saved for this purchase. The dealer will take the $500 Cash Allowance straight off
ivann1987 [24]

Answer:

The complete questions is

Molly is celebrating her exciting new career and wants to upgrade her junky old car for a shiny new Jeep

Patriot. She heads to Jeep’s website and sees the following financing deals:

Remember that Molly has a $2500 down payment saved for this purchase. The dealer will take the $500 Cash Allowance straight off her total. How much loan does Molly need?

Explanation:

6 0
2 years ago
Management's philosophy at Nike has often been that a fit body contributes to more productivity at work. Nike provides exercise
algol13

Answer:

Corporate policy

Explanation:

Corporate policy is a set of procedures recommendations that is based on the analysis of internal and external factors that will benefit the organization to cope up with problems and avoid an adverse outcomes.

The reason is that the company wants to increase the productivity of its labor which will help them to control cost by encouraging its employee to exercise daily. This act was not oriented towards to benefit employee, it was purely for the increase in productivity. So this serious position on fitness is its part od corporate policy.

7 0
2 years ago
Which example best describes how a bank injects money into the economy? A bank opens a savings account for a customer. A bank ap
USPshnik [31]

Answer:

The correct answer would be option B, A bank approves mortgage for a customer.

Explanation:

Injecting money into the economy means increasing money supply in the economy. It means more money is in the circulation. So when a bank approves a mortgage for a customer, it means bank is releasing money which will be in circulation and becomes a part of the economy. Mortgage is basically the loan or money which a bank or financial institution lends to a person or company on an agreed upon interest rate in exchange of their property with the condition that the bank will sell the property to get its money back if the borrower fails to return the loaned money. So the best example of how a bank can inject money into the economy is to approve the mortgage for a customer.

7 0
2 years ago
Read 2 more answers
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