Question: If a company owes $ 4 3 , 0 0 0 on an operating line of credit at the end of the year, how will

If a company owes $43,000 on an operating line of credit at the end of the year, how will this appear on the statement of financial position?
current asset
current liability
It will not appear on the statement of financial position.
long-term liability
If a company owes $ 4 3 , 0 0 0 on an operating

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The partnership of Bramble, Sunland, and Coronado engaged you to adjust its accounting records and convert them uniformly to the accrual basis in anticipation of admitting Kerns as a new partner....

Q:

I am dyslexic so it takes much longer for me to do any reading, so any and all help is greatly appreciated. I will be sure to thumbs up! Please I need help... Report Layout Structure Table of...

Q:

I am dyslexic so it takes much longer for me to do any reading, so any and all help is greatly appreciated. I will be sure to thumbs up! Please I need help... Report Layout Structure Table of...

Q:

Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon...

Q:

I do not need to see work just answers please read requirments thank you Tony and Suzle graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for...

Q:

Please answer all multiple choice questions and problems. 1. Which of the following violates of internal control? a. Only one employee is responsible for custodianship of the petty cash fund. b. An...

Q:

BUDGETING ASSIGNMENT Kent Manufacturing Inc (KMI) has just finished the year ended Dec 31st, 2022. After some ups and downs dealing with significant growth and new personnel, KMI ended the year on a...

Q:

CAN YOU PLEASE CHECK WHERE I AM MAKING A MISTAKE? I NEED IT ASAP PLEASE!! Required Information Great Adventures Problem AP3-1 [The following information applies to the questions displayed below.]...

Q:

PLEASE TELL ME WHAT IM MISSING Jul. 1 Sell $10,000 of common stock to Suzie. Jul. 1 Sell $10,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,800 ($400 per month) to...

Q:

Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon...

Q:

hello, I messed up somewhere and i dont know what i did wrong. the balance sheet isnt balanced. thank you so much in advance :) (after the income tax adjusting entry, i had to close the revenue...

Q:

Measure the risk for Problem 10-19 using the P (loss), range of PW values, and standard deviation of PWs. In Problem 10-19 First Cost $300,000 0.2 400,000 0. 600,000 0.3 Net Revenue $ 70,000 90,000...

Q:

Nicole is a professional pickpocket who works the Montreal subway system during rush hour. One morning in a crowded subway car, she puts her hand in Michael's jacket pocket to lift his wallet but...

Q:

Question 2 5 1 pts Oliver Schneider earns $ 2 , 5 0 0 per month. He pays his mortgage, utilities, grocery and other bills and then he makes sure to set aside $ 1 0 0 for his savings and investment...

Q:

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...