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match the following:
Deferred revenues Disclosure of a contingent liability Notes payable Recording a contingent liability...
pters 7-9 Match the following Current portion of long-term debt Notes payable Recording a contingent liability...
pters 7-9 Match the following Current portion of long-term debt Notes payable Recording a contingent liability Disclosure of a contingent liability Deferred revenues Match each of the options above to the Items below. A written promise to repay the amount borrowed plus interest Loss is probable and amount is reasonably estimable Debt that will be paid within one year of the balance sheet date. Loss is reasonably possible and amount is reasonably estimable. A liability that requires the sacrifice of...
a. Recording of a contingent liability 1. An IOU promising to repay the amount borrowed plus...
a. Recording of a contingent liability 1. An IOU promising to repay the amount borrowed plus interest 2 Payment amount is reasonably possible and can be b. Unearned revenues reasonably estimated c. The riskiness of a business's obligations. 3. Mixture of liabilities and equity a business uses d. Disclosure of a contingent liability 4 Payment amount is probable and can be reasonably estimated 5. A liability that requires the sacrifice of something other e. Interest on debt than cash 6...
Select the most appropriate item from the dropdown to match each of the following terms and...
Select the most appropriate item from the dropdown to match each of the following terms and phrases associated with current liabilities. 1. ATOU promising to repay the amount borrowed plus interest 2 Payment amount is reasonably possible and is reasonably estimable 3. Mixture of liabilities and equity a business uses 4. Payment amount is probable and is reasonably estimable 5. A liability that requires the sacrifice of something other than cash 6. Long term debt maturing within one year 7....
On December 1 2021 Old World Delisigned a $300,000.5% six-month note payable with the amount borrowed...
On December 1 2021 Old World Delisigned a $300,000.5% six-month note payable with the amount borrowed plus accrued interest due six months later on June 1, 2022. Old World Derecords the propriate ad usting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on ne 12022 Ο 5οοοοο Ο οικια Ο Σοχο Ο Ο 07soo Match the following: Activity based method Declining balance method...
1. All of the following are reported as current liabilities except a. accounts payable. b. bonds...
1. All of the following are reported as current liabilities except a. accounts payable. b. bonds payable. c. notes payable. d. unearned revenues. 2. The relationship between current liabilities and current assets is a. useful in determining income. b. useful in evaluating a company's liquidity. c. called the matching principle. d. useful in determining the amount of a company's long-term debt. 3. Most companies pay current liabilities a. out of current assets. b. by issuing interest-bearing notes payable. c. by...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill for December 2018, on December 31, 2018. The bill ($8,000) represents the cost of water used in December to make its product. The company will not publish the 2018 financial statements until February 2019. Therefore, the adjusting entry as of December 31, 2018 includes which of the following? A. cr. utilities payable $8,000 B. cr. cash $8,000 C. cr. utilities expense $8,000 D. no...
On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable $ 8,200...
On January 1, Pulse Recording Studio (PRS) had the following
account balances.
Accounts Payable
$
8,200
Accounts Receivable
6,900
Accumulated Depreciation—Equipment
6,700
Cash
3,640
Cash Equivalents
1,640
Common Stock
10,400
Deferred Revenue
3,900
Equipment
30,300
Notes Payable (long-term)
12,400
Prepaid Rent
3,420
Retained Earnings
4,810
Supplies
510
The following transactions occurred during January.
Received $2,420 cash on 1/1 from customers on account for
recording services completed in December.
Wrote checks on 1/2 totaling $4,370 for amounts owed on account
at...
1. In the annual report, where would a financial statement reader find out if the company’s...
1. In the annual report, where would a financial statement reader find out if the company’s financial statements give a fair depiction of its financial position and operating results? a. Notes to the financial statements b. Management discussion and analysis section c. Balance sheet d. Auditor’s report e. None of the options listed 2. Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments? a. Monetary unit assumption b....
At the end of 2022, the following information is available for Great Adventures. Additional interest for...
At the end of 2022, the following information is available for
Great Adventures.
Additional interest for five months needs to be accrued on the
$30,000, 6% loan obtained on August 1, 2021. Recall that annual
interest is paid each July 31.
Assume that $10,000 of the $30,000 loan discussed above is due
next year.
By the end of the year, $20,000 in gift cards have been
redeemed. The company had sold gift cards of $25,000 during the
year and recorded...
Case 5-1 Accounting for BP P:C's Deep water Horizon Oil Spill Case 5-1 Accounting for BP...
Case 5-1 Accounting for BP P:C's Deep water Horizon Oil Spill Case 5-1 Accounting for BP PLC’s Deepwater Horizon Oil Spill On April 20, 2010, an explosion at BP PLC’s Macondo well in the Gulf of Mexico caused the largest oil spill and one of the worst environmental disasters in U.S. history. Because the incident occurred at the Deepwater Horizon drilling rig, this incident is often referred to as the Deepwater Horizon spill. Approximately 4.9 million barrels of oil were...
pters 7-9 Match the following Current portion of long-term debt Notes payable Recording a contingent liability Disclosure of a contingent liability Deferred revenues Match each of the options above to the Items below. A written promise to repay the amount borrowed plus interest Loss is probable and amount is reasonably estimable Debt that will be paid within one year of the balance sheet date. Loss is reasonably possible and amount is reasonably estimable. A liability that requires the sacrifice of...
a. Recording of a contingent liability 1. An IOU promising to repay the amount borrowed plus interest 2 Payment amount is reasonably possible and can be b. Unearned revenues reasonably estimated c. The riskiness of a business's obligations. 3. Mixture of liabilities and equity a business uses d. Disclosure of a contingent liability 4 Payment amount is probable and can be reasonably estimated 5. A liability that requires the sacrifice of something other e. Interest on debt than cash 6...
Select the most appropriate item from the dropdown to match each of the following terms and phrases associated with current liabilities. 1. ATOU promising to repay the amount borrowed plus interest 2 Payment amount is reasonably possible and is reasonably estimable 3. Mixture of liabilities and equity a business uses 4. Payment amount is probable and is reasonably estimable 5. A liability that requires the sacrifice of something other than cash 6. Long term debt maturing within one year 7....
On December 1 2021 Old World Delisigned a $300,000.5% six-month note payable with the amount borrowed plus accrued interest due six months later on June 1, 2022. Old World Derecords the propriate ad usting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on ne 12022 Ο 5οοοοο Ο οικια Ο Σοχο Ο Ο 07soo Match the following: Activity based method Declining balance method...
On January 1, Pulse Recording Studio (PRS) had the following
account balances.
Accounts Payable
$
8,200
Accounts Receivable
6,900
Accumulated Depreciation—Equipment
6,700
Cash
3,640
Cash Equivalents
1,640
Common Stock
10,400
Deferred Revenue
3,900
Equipment
30,300
Notes Payable (long-term)
12,400
Prepaid Rent
3,420
Retained Earnings
4,810
Supplies
510
The following transactions occurred during January.
Received $2,420 cash on 1/1 from customers on account for
recording services completed in December.
Wrote checks on 1/2 totaling $4,370 for amounts owed on account
at...
At the end of 2022, the following information is available for
Great Adventures.
Additional interest for five months needs to be accrued on the
$30,000, 6% loan obtained on August 1, 2021. Recall that annual
interest is paid each July 31.
Assume that $10,000 of the $30,000 loan discussed above is due
next year.
By the end of the year, $20,000 in gift cards have been
redeemed. The company had sold gift cards of $25,000 during the
year and recorded...
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