Homework Answers
1) Short term notes payable is an notes payable which is due within one year and its reported under current liabilities
So answer is a) are shown on the balance sheet with current liabilities
2) Interest due = 15000*12%*15/365 = 73.97
So answer is d) $73.97
3) Yes, Unearned revenue is an revenue account which is not earned but cash is received in Advance
So above statement is true
4) journal entry
| Account title and explanation | Debit | Credit |
| Cash | XXX | |
| Sales revenue | XXX | |
| Sales tax payable | XXX |
So answer is c) Credit to sales tax payable
Add Answer to:
Short term notes payable: A. are shown on the balance sheet with current liabilities B. are...
Short term notes payable are? A. are generally due within three months, with a maximum time...
Short term notes payable are? A. are generally due within three months, with a maximum time period of six months B. are shown on the balance sheet with current liabilities C. are shown on the balance sheet after bonds payable D. are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure
Help Sa Homework Required information 6,176 Notes Payable (short-term) Notes Payable (long-term) Common Stock Retained Earnings...
Help Sa Homework Required information 6,176 Notes Payable (short-term) Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Interest Revenue Travel Expense Salaries and Wages Exponse Rent Expense Depreciation Expense Supplies Expense Income Tax Expense 2,5927 2,192 392 292 192 292 10,312 Totals $ $ 10,312 1-b. Is the Retained Earnings balance of $1,492 the amount that would be reported on the balance sheet as of September 30, 2018? Yes No < Prey 8 9 10 of 10 ! Next...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
journal Required information Short-term notes payable are current liabilities, most bear interest. When a short-t...
journal
Required information Short-term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 Coolidge Company owes $1,000 for merchandise Inventory purchased from Ross Company during April. The amount owed is now past due. On June 15, Coolidge meets with Ross and convinces Ross to accept $100 cash and a 30 day, 10 percent. $600 note payable to...
prepare a classified balance sheet Classified Balance Sheet: Current Assets, PP&E (net), Total Assets, Current Liabilities,...
prepare a classified balance
sheet
Classified Balance Sheet: Current Assets, PP&E (net), Total
Assets, Current Liabilities, Total Liabilities, Total Stockholders’
Equity, Total Liabilities & Stockholders’ Equity.
December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Invento Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/15) Dividends Sales Sales Returns & Allowances...
Chapter 10 Accounting for Liabilities EXERCISES-SET B E10-1B. Liabilities on the Balance Sheet For each of...
Chapter 10 Accounting for Liabilities EXERCISES-SET B E10-1B. Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown LO1 39,255 ,279 as a liability on the balance sheet of Anchor, Inc., at December 31: a. Anchor's general ledger shows a credit balance of $125,000 in Long-Term Notes Payable. Of ·.. . . this amount, a $25,000 installment becomes due on June 30 of the following year Anchor estimates its unpaid income tax liability for the...
Make a balance sheet Credit Debit $5,000 500 4,000 20.000 Account Title Cash Prepaid insurance Notes...
Make a balance sheet
Credit Debit $5,000 500 4,000 20.000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital H. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals $12.000 2,500 3,000 10,500 1,000 9,500 3,500 2,000 1,500 $37,500 $37,500
Few lines in red Question: Prepare the current liabilities section of the balance sheet at January...
Few lines in red
Question: Prepare the current liabilities section of the
balance sheet at January 31, 2022. Assume no change in Accounts
Payable.
were incorrect. Any help with
it, please?
On January 1, 2022, the ledger of Sunland Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $43,300 7,400 19,800 During January, the following selected transactions occurred. Jan. 1 5 12 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold...
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes...
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes Payable due in one year is a current liability. O c. Accounts Receivable is a current liability. D. Dividends is a current asset.
Create a balance sheet I TUDIUM 1. The adjusted trial balance of Debit Company is shown...
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
Help Sa Homework Required information 6,176 Notes Payable (short-term) Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Interest Revenue Travel Expense Salaries and Wages Exponse Rent Expense Depreciation Expense Supplies Expense Income Tax Expense 2,5927 2,192 392 292 192 292 10,312 Totals $ $ 10,312 1-b. Is the Retained Earnings balance of $1,492 the amount that would be reported on the balance sheet as of September 30, 2018? Yes No < Prey 8 9 10 of 10 ! Next...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
journal
Required information Short-term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 Coolidge Company owes $1,000 for merchandise Inventory purchased from Ross Company during April. The amount owed is now past due. On June 15, Coolidge meets with Ross and convinces Ross to accept $100 cash and a 30 day, 10 percent. $600 note payable to...
prepare a classified balance
sheet
Classified Balance Sheet: Current Assets, PP&E (net), Total
Assets, Current Liabilities, Total Liabilities, Total Stockholders’
Equity, Total Liabilities & Stockholders’ Equity.
December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Invento Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/15) Dividends Sales Sales Returns & Allowances...
Chapter 10 Accounting for Liabilities EXERCISES-SET B E10-1B. Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown LO1 39,255 ,279 as a liability on the balance sheet of Anchor, Inc., at December 31: a. Anchor's general ledger shows a credit balance of $125,000 in Long-Term Notes Payable. Of ·.. . . this amount, a $25,000 installment becomes due on June 30 of the following year Anchor estimates its unpaid income tax liability for the...
Make a balance sheet
Credit Debit $5,000 500 4,000 20.000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital H. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals $12.000 2,500 3,000 10,500 1,000 9,500 3,500 2,000 1,500 $37,500 $37,500
Few lines in red
Question: Prepare the current liabilities section of the
balance sheet at January 31, 2022. Assume no change in Accounts
Payable.
were incorrect. Any help with
it, please?
On January 1, 2022, the ledger of Sunland Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $43,300 7,400 19,800 During January, the following selected transactions occurred. Jan. 1 5 12 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold...
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes Payable due in one year is a current liability. O c. Accounts Receivable is a current liability. D. Dividends is a current asset.
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
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