SZO Daring Re Durchased and $300 is left on Rmu a. debit to sapplies expe nse fo
ID: 2397245 • Letter: S
Question
SZO Daring Re Durchased and $300 is left on Rmu a. debit to sapplies expe nse for $300 b. credit to supplies expense for S800 c. debit to supplies expense for $700o d. credit to supplies for $300 IH. The following represent items that pertain t balance sheet. Choose the letter that best deser classification the account item would best be 6. Wages payable would be recorded in whicl section. a. current assets b. current liabilties c. noncurrent assets d. noncurrent liabilities 7. Trademarks would classified as. a. noncurrent asset b. current liability c. current asset d. noncurrent assetLI ?? 8.The purpose of the classifed baa the purpose of the classified bala a. solvency D. going concern c, liquidity dreturn on investmentExplanation / Answer
6. Option B is the answer (Wages Payable = Current Liability)
Current Liabilities are those which demand payment obligation within a year. Wages payable fall under this category
7. Option A is the answer (Trademarks =Non current asset)
Generally ,the assets which have a long useful life are classified in Balance sheet as non current assets. As the useful life of trademarks is longer, they are shown as non-current asset
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