PoA - Race for FS Classification

Money owed TO the company by a local office that bought lemonade on credit is...

• Current Asset - Accounts Receivable

• Current Asset - Cash

• Current Liability - Accounts Payable

• Current Liability - Unearned Revenue

The IOU to the grocery supplier for a bulk purchase of sugar, due in 30 days, is...

• Current Liability - Accounts Payable

• Current Liability - Notes Payable

• Current Liability - Accrued Expense

• Expense - Cost of Goods Sold

A local law firm paid $300 upfront for a delivery they will receive NEXT month. This transaction creates a...

• Current Liability - Unearned Revenue

• Current Asset - Accounts Receivable

• Revenue - Sales Revenue

• Equity - Retained Earnings

The unused portion of a 12-month insurance policy that was paid for in advance is a(n)...

• Current Asset - Prepaid Expense

• Expense - Insurance Expense

• Current Liability - Accrued Expense

• Non-Current Asset - Intangibles

The lemons, sugar, and cups on hand, waiting to be used to make the final product, are classified as...

• Current Asset - Inventory

• Current Asset - Supplies

• Non-Current Asset - Property and Equipment

• Expense - Cost of Goods Sold

The fancy, durable kiosk the company will use for the next 5 years is a...

• Non-Current Asset - Property and Equipment

• Current Asset - Property and Equipment

• Non-Current Asset - Intangibles

• Non-Current Asset - Long-term Investment

Wages owed to employees for the last week of the year, to be paid in the first week of next year, are a...

• Current Liability - Wages Payable

• Current Liability - Accrued Expense

• Expense - Wages Expense

• Equity - Retained Earnings

The company's legally protected trademark for its 'Zesty-Fresh™' brand name is a...

• Non-Current Asset - Intangibles

• Non-Current Asset - Property and Equipment

• Current Asset - Other Current Assets

• Equity - Common Stock

The company calculated its corporate income tax for the year. The amount it owes but has not yet paid is a...

• Current Liability - Income Taxes Payable

• Expense - Income Tax Expense

• Current Liability - Accounts Payable

• Non-Current Liability - Long-term Debt

A rental agreement requires paying 1% of sales quarterly. The amount incurred for the last month, for which a bill has not yet been received, is a...

• Current Liability - Accrued Expense

• Current Liability - Accounts Payable

• Current Asset - Prepaid Expense

• Expense - Rent Expense