A short term liability is a liability due before 12 months
This month mortgage principal payment- Short term as it needs be paid in a month
Apartment rent-Short term
Home improvement loan- Long term
Outstanding mortgage principal- Long term
Car insurance- Short term
Month's Visa Bill- Short term
include interest payments
Your liabilities are what you owe. They include the charges on your credit card every month,...
Suppose you owe $600 on your credit card and you decide to make no new purchases and to make the minimum monthly payment on the account. Assuming that the interest rate on your card is 1% per month on the unpaid balance and that the minimum payment is 2% of the total (balance plus interest), your balance after t months is given by B(t)=600(0.9898t). Find your balance at each of the given times. Complete parts (a) through (e) below. (a)...
Exercise 10-15 Shamrock, Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements. $7,006.0 2,135.0 393.0 Accounts payable $4,701.0 Mortgage payable Accrued pension liability 1,492.0 Operating leases Unearned rent revenue 1,758.0 Notes payable (due in 2020) Bonds payable 2,754.0 Salaries and wages payable Current portion of mortgage payable 2,114.0 Notes payable (due in 2018) Income taxes payable 308.0 Unused operating line of credit Warranty liability-current 634.0 2,799.0 4,092.0 1,839.0 Prepare...
Ahmed and Sana Mohamed have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Ahmed and Sana pulled together the following items from bank statements, pay stubs, and bills Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct Check all that apply. IRA...
Exercise 10-15 Marin Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements. $4,445.0 Mortgage payable 1,618.0 Operating leases 1,366.0 Notes payable (due in 2020) 2,102.0 Salaries and wages payable Accounts payable $6,750.0 2,493.0 Accrued pension liability Unearned rent revenue 360.0 590.0 Bonds payable Current portion of mortgage payable Income taxes payable 2,212.0 Notes payable (due in 2018) 278.0 Unused operating line of credit Warranty liability-current 2,985.0 3,500.0 1,911.0 Identify...
4. Personal balance sheet Juan and Maria Gomez have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Juan and Maria pulled together the following items from bank statements, pay stubs, and bills. Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct. Check...
4. Personal balance sheet Ahmed and Sana Mohamed have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Ahmed and Sana pulled together the following items from bank statements, pay stubs, and bills. Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct. Check...
Juan and Maria Gomez have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Juan and Maria pulled together the following items from bank statements, pay stubs, and bills. Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct. Check all that apply. ロロロロロロロロロロロ...
Both the principal portion and interest portion of your mortgage payments are deductible from your income for Federal Tax calculations. True or False If you are unable to continue keeping your mortgage current and anticipate default you may be able to work with your lender to execute a short sale of your home. In this case you would sell your home and use the proceeds to pay-off the balance of your mortgage. If you owe more than the balance of...
E10-15 Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2017, balance sheet and notes to the financial statements. Prepare liabilities section of balance sheet. Accounts payable Accrued pension liability Unearned rent revenue Bonds payable Current portion of $4,263.9 Mortgage payable $6,746.7 (LO 4), AP 1,115.2 1,058.1 1,961.2 Operating leases Notes payable (due in 2020) Salaries and wages payable Notes payable (due in 2018)2,563.6 1,641.7 335.6 858.1 mortgage payable Income taxes payable 1,992.2 Unused operating line of...
32 Assume your $200,000 home appreciates in value at a rate of 5% per year. Assume you take out an 80% mortgage (loan to original value) at 6% interest rate for 30 years. Therefore, you provide 20% or $40,000 equity in the home at the outset of the mortgage. What is the amount of equity (the then current value of home (current market value) less mortgage outstanding) at the end of the 60th payment? 33 Step 1: Value of home...