Our fully updated 2017-18 ACC 291 Week 3 answer guide. All problems requiring calculations are performed in MS Excel, so you can easily learn the formulas and plug in new values.
Prepare the liabilities section of O'Brian's Balance Sheet balance sheet using the following information:
The time period for classifying a liability as current is one year or the operating cycle, whichever is
Explanation: Fiscal years will almost always be a full calendar year, but in cases when it is longer, current liabilities will be extended to match the full fiscal year.
Which one of the following is not a typical current liability?
Explanation: Mortgages are usually used on major asset purchase, such as real estate, and last for multiple years.
Buttner Company borrows $8,500 on September 1, 2017, from Harrington State Bank by signing an $88,500, 12%, one-year note. How much is accrued interest at 05 December 31, 2017?
Annual Interest = 88,500 * 0.12 = 10,620
4 Month Interest = 10,620 * (4 / 12) = 3,540
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