The following items appear on the balance sheet of a company with a two-month operating cycle. Identify
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______ 1. Sales taxes payable.
______ 2. FUTA taxes payable.
______ 3. Accounts receivable.
______ 4. Wages payable.
______ 5. Salaries payable.
______ 6. Notes payable (due in 6 to 12 months).
______ 7. Notes payable (due in 120 days).
______ 8. Current portion of long-term debt.
______ 9. Notes payable (mature in five years).
______ 10. Notes payable (due in 13 to 24 months).
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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