menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Understanding Business Study Set 1
  4. Exam
    Exam 17: Understanding Accounting and Financial Information
  5. Question
    Julio Borrowed Money from a Close Friend to Obtain a Liquor
Solved

Julio Borrowed Money from a Close Friend to Obtain a Liquor

Question 92

Question 92

True/False

Julio borrowed money from a close friend to obtain a liquor license for his pub, and gave him a written promise to repay the amount within six months. Julio should list this business debt as an operating expense on his pub's balance sheet.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q36: We would expect the inventory turnover ratio

Q87: The Barkley Company's balance sheet shows: what

Q88: As an accountant, Joe's responsibilities include:<br>A) developing

Q95: Carol has worked as a bookkeeper for

Q107: Computerized accounting programs have eliminated the need

Q112: An analysis of the statement of cash

Q149: Double-entry bookkeeping requires that every transaction be

Q241: Activities of managerial accountants include measuring and

Q280: The financial ratios that measure a firm's

Q289: An independent audit is an evaluation and

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines