You have been asked to review the december 31, 2021, balance sheet for champion cleaning. after completing your review, you list the following three items for discussion with your superior: an investment of $36,000 is included in current assets. management has indicated that it has no intention of liquidating the investment in 2022. a $160,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10, equal annual installments with the first installment due on march 31, 2022. deferred revenue of $78,000 is included as a current liability even though only two-thirds will be recognized as revenue in 2022, and the other one-third in 2023. determine the appropriate classification of each of these items. (if no entry is required for classification, choose "no entry".)
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Business, 21.06.2019 17:40
Which of the following is the least risky? collectables stock savings bond savings account
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Business, 21.06.2019 20:30
Agood for which demand increases as income rises is and a good for which demand increases as income falls is
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Business, 22.06.2019 16:10
Omnidata uses the annualized income method to determine its quarterly federal income tax payments. it had $100,000, $50,000, and $90,000 of taxable income for the first, second, and third quarters, respectively ($240,000 in total through the first three quarters). what is omnidata's annual estimated taxable income for purposes of calculating the third quarter estimated payment?
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Business, 22.06.2019 17:30
Palmer frosted flakes company offers its customers a pottery cereal bowl if they send in 3 boxtops from palmer frosted flakes boxes and $1. the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 675,000 boxes of frosted flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. if the bowls cost palmer company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?
Answers: 2
You have been asked to review the december 31, 2021, balance sheet for champion cleaning. after comp...
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