Most ________ methods are heuristics based on algorithms

Which of the following statements BEST describes the difference between current and long-term liabilities?

A) Current liabilities are debts that need to be paid immediately, whereas long-term liabilities do not. B) Current liabilities are those which will cost less in debt interest than long-term liabilities. C) Current liabilities are debts that are settled sooner than long-term debts. D) Current liabilities are debts on tangible assets, whereas long-term liabilities are debts on intangible assets. E) Current liabilities are debts on current assets, whereas long-term liabilities are debts on fixed and intangible assets.

Beginning and ending inventories are $900 and $800, respectively. The income statement debit and credit columns of the worksheet total $2,500 and $2,500, respectively, not including the adjustment amounts for beginning and ending inventories

The net income or loss for the period is: A) $150 net income. B) $150 net loss. C) $100 net income. D) $100 net loss.