WRITTEN ASSIGNMENT UNIT 1 UNIVERSITY OF THE PEOPLE BUS 5110 MANAGERIAL ACCOUNTING

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A - CONTACT RECEIVABLES Contract receivables was derived by adding the known values of the current asset section and subtracting that from the total current assets • Amounts due for services rende... red usually this service are pre-billed. An example would be amounts billed to customers under contracts or programs but not paid as of the balance sheet date. B - EQUIPMENT The value of the long term asset was derived by subtracting the total current asset from the Total asset. E = TA - TCA • Long-term assets are those held on a company's balance sheet for more than one year. Property, plant and equipment are typical examples of long-term assets. In contrast, current assets are held by a company for one year or less. C - ACCOUNT PAYABLE Since all the values of the current liabilities plus Total current liabilities was known as except Account Payable. Subtracting all the known values under the current liabilities section from the Total Current Liabilities we have the Account Payable. [Show More]

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