analyze and apply\n1. please sort the following market lamb sae assets into two groups; current (c), or…

analyze and apply\n1. please sort the following market lamb sae assets into two groups; current (c), or noncurrent (nc):\na. market lamb\nb. 50 lb of feed\nc. halter\nd. show box\ne. soap\n2. kelby has a floral design business. he has a floral cooler worth $2000, tools and equipment worth $300, supplies worth $75, $200 worth of flowers on hand, and $120 in his business bank account. he owes his floral supplier $100 from last week’s invoice, and he owes his parents $500 from the loan they gave him to start the business. his customers owe him a total of $80. what is his net worth?

analyze and apply\n1. please sort the following market lamb sae assets into two groups; current (c), or noncurrent (nc):\na. market lamb\nb. 50 lb of feed\nc. halter\nd. show box\ne. soap\n2. kelby has a floral design business. he has a floral cooler worth $2000, tools and equipment worth $300, supplies worth $75, $200 worth of flowers on hand, and $120 in his business bank account. he owes his floral supplier $100 from last week’s invoice, and he owes his parents $500 from the loan they gave him to start the business. his customers owe him a total of $80. what is his net worth?

Answer

Explanation:

Step1: Define current and non - current assets

Current assets are expected to be used or converted to cash within one year, non - current assets have a useful life of more than one year.

Step2: Categorize assets in question 1

  • Market lamb (A): Current asset as it is likely to be sold soon.
  • 50 lb of feed (B): Current asset as it will be used up in a short - term for feeding.
  • Halter (C): Non - current asset as it has a long - term use for handling animals.
  • Show box (D): Non - current asset as it is used repeatedly for shows over time.
  • Soap (E): Current asset as it will be used up quickly for cleaning.

Step3: Calculate total assets in question 2

Total assets = Floral cooler + Tools and equipment+ Supplies + Flowers on hand+ Business bank account Total assets = $2000 + 300+75 + 200+120=$2695$

Step4: Calculate total liabilities in question 2

Total liabilities = Amount owed to supplier+ Amount owed to parents Total liabilities = $100 + 500=$600$

Step5: Calculate net worth in question 2

Net worth = Total assets - Total liabilities+ Amount owed by customers Net worth = $2695-600 + 80=$2175$

Answer:

    • Current (C): A. Market lamb, B. 50 lb of feed, E. Soap
    • Non - current (NC): C. Halter, D. Show box
  2. $$2175$