Pad FF10:37 22. A current asset is a. the last asset purchased by a business b.

Question

Pad FF10:37 22. A current asset is a. the last asset purchased by a business b. an asset which is currently being used to produce a product or service c. an asset assigned to be paid on a liability within the next year d. expected to be converted to cash or used in the business within about one year 23. Marvin Services Corporation had the following accounts and balances $20 Accounts payable Accounts receivable Buildings Cash Equipment 3 Land ? Unearned service revenue 9 Total stockholders' equity If the balance of the Buildings account was $7 and $3 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity? a. $22 b. $6 c. $16 d. $10 24. For 2017 Kuhl Corporation reported net income of $28; average common shares issued 16; 1 treasury share, and 5 preferred shares. Preferred shares received a total $3 of dividends. What was Kuhl's basic earnings per share in 2017 (rounded)? a. $1.40 b. $1.67 C. $1.81 d. $1.25 10

Explanation / Answer

Dear Student, only one question is allowed at a time. I am answering the first question

22)

Current assets are assets which are expected to be converted into cash within a period of one year

Current asset is neither the last asset nor it is an asset currently being used by the business to produce a product or service

So, as per above discussion, option d is the correct option

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