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On a classified balance sheet, taxes payable should be classified as:
The percentage-of-completion method recognizes revenue at the point of sale.
Murray Sporting Goods began business on January 1, 2007, with capital stock of $15,000. At December 31, 2007, assets amounted to $25,000 and liabilities were $6,000. Revenue from services during the year amounted to $30,000 and dividends were $8,000. The expenses of Murray Sporting Goods for 2007 amounted to:
The cash basis of accounting recognizes re More
