Accounting 241 chapter 18
What is the amount of current assets? Cash $40,000 Sales $230,000 Cost of Goods Sold $118,000 Prepaid Rent $18,000 Inventory $29,000 Accounts Payable $59,000 Accounts Receivable $38,000 Rent Expense $19,000 Long-term Liabilities (due within one year) $30,000 Long-term Liabilities $900,000
$125,000
Which of the following is a prior period adjustment?
A prior period error to an expense account
Treasury Stock would be reported on the balance sheet as:
A reduction to stockholders' equity
Which of the following is not classified as a long-term liability?
Accounts payable
The balance sheet is prepared
At a point in time
Money received in advance from a customer that is expected to be returned or earned in the next six months would be classified as a(n)
Current liability
Which of the following is not classified as a current asset?
Land
Which of the following is not classified as a current liability?
Mortgage payable
Which of the following reduces total liabilities on the balance sheet?
discount on bonds payable
Which of the following is not classified as a long-term asset?
prepaid rent