Question

Question 10 (1 point)

Bank loan repayable with in a year is an example of

a

Current Asset

b

Non-Current Liability

c

Non-Current Asset

d

Current Liability

Question 11 (2 points)

In the first year of operations, Harris Construction earned $ 39,000 in revenue as received $ 33,000 cash from customers. the company incurred $ 22,500 but had not paid for $ 2,250 of them by the year-end. In addition, Harris prepaid $ 3,750 expenses that would be incurred the next year.

Difference Profit for the first year of operations between accrual and cash basis of accounting would be $...................

a

6,000

b

7,500

c

None of the above

d

3,750

Question 12 (3 points)

In the first year of operations, Harris Construction earned $ 39,000 in revenue as received $ 33,000 cash from customers. the company incurred $ 22,500 but had not paid for $ 2,250 of them by the year-end. In addition, Harris prepaid $ 3,750 expenses that would be incurred the next year.

Profit for the first year of operations under cash basis of accounting would be $...................

a

6,800

b

13,000

c

9,000

d

9,300

Question 13 (1 point)

The Salaries Payable Account of James Bay Company Limited appears below:

How much will be paid to employees in 2021 for work done in 2020?

a

$ 12,800

b

$ 32,240

c

$ 22,520

d

$ 9,720

Answer 1

10) Answer:- d ( current liability)

Bank loan repayable with in a year is comes under short term liability, and it will shown on lliability side on balance sheet

11) Answer:- b ($7,500)

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12) Answer:- c ($9,000)

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