Bucky Badger has the following information as of December 31…
Bucky Badger has the following information as of December 31, 2024: Cash $30,000 Land $90,000 Notes Payable (due in 5 years) 100,000 Accounts Receivable 17,000 Common Stock 30,000 Equipment 25,000 Accounts Payable 5,000 Accumulated Depreciation- Equipment 5,000 Retained Earnings 20,000 Salaries and Wages Payable 2,000 What was Bucky Badger’s total assets as of December 31, 2024?
Read DetailsWhich of the following are true? I. A classified balance…
Which of the following are true? I. A classified balance sheet utilizes standard classifications and sections to group together similar assets and similar liabilities. II. Inventory, debt investments, prepaid insurance, and service revenue are all current assets. III. Long term investments include notes receivable, nonoperating land and buildings, and stock and bonds held for more than one year. IV. Current liabilities include obligations of the company that must be paid within the next year or operating cycle. V. Current assets are shown in order of liquidity on the classified balance sheet.
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