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Sage Hill Inc. reports the following liabilities (in thousands) on its December 31, 2020, balance sheet...
Exercise 10-15 Marin Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet an...
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...
Exercise 10-19 (Part Level Submission) Marin, Inc. reports the following liabilities (in thousands) on its December...
Exercise 10-19 (Part Level Submission)
Marin, Inc. reports the following liabilities (in thousands) on its
December 31, 2022, balance sheet and notes to the financial
statements.
Accounts payable
$4,263.0
Mortgage payable
$6,746.0
Unearned rent revenue
1,058.0
Notes payable (due in 2025)
335.0
Bonds payable
1,953.0
Salaries and wages payable
858.0
Current portion of mortgage payable
1,992.0
Notes payable (due in 2023)
2,563.0
Income taxes payable
265.0
Warranty liability—current
1,417.0
*(b) Prepare the liabilities section of Marin's balance sheet as at...
E10-15 Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2017, balance sheet...
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...
Exercise 10-15 Shamrock, Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance...
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...
Sage Hill Inc had the following balance sheet at December 31, 2016. SAGE HILL INC. BALANCE...
Sage Hill Inc had the following balance sheet at December 31, 2016. SAGE HILL INC. BALANCE SHEET DECEMBER 31, 2016 Cash $9.300 Accounts payable Accounts receivable 12.300 Bonds payable Investments 13,500 Common stock Plant assets (net) 36,900 Retained earnings Land 16,500 $88,500 $15,200 9,500 36,300 27.500 $88.500 During 2017, the following occurred. 1. Net income was $26,600. 2. Depreciation expense was $8,400. 3. Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $4,200 loss. 4. Sage Hill...
Help I S NEXT Exercise 10-15 Kingbird, Inc, reports the following liabilities (in thousands) on its...
Help I S NEXT Exercise 10-15 Kingbird, Inc, reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements. Accounts payable Accrued pension liability Unearned rent revenue Bonds payable Current portion of mortgage payable Income taxes payable $4,264.0 Mortgage payable 1,216.0 Operating leases 1,259.0 Notes payable (due in 2020) 1,962.0 Salaries and wages payable 1,993.0 Notes payable (due in 2018) $6,747.0 1,642.0 336.0 559.0 Unused operating line of credit Warranty liability -current...
At December 31, 2020, Sage Hill Incorporated has a bond payable due September 1, 2021, with...
At December 31, 2020, Sage Hill Incorporated has a bond payable due September 1, 2021, with a carrying value of $1,786,000 (based on amortized cost) and a current value of $1,952,000. The interest payable as at December 31, 2020, is $83,000. Show how the above amounts should be presented on the December 31, 2020 SFP, and with the proper classifications. The company uses amortized cost. Sage Hill Incorporated Statement of Financial Position (Partial) choose the accounting period select an opening...
Sage Hill Industries has the following patents on its December 31, 2019, balance sheet. Patent Initial...
Sage Hill Industries has the following patents on its December 31, 2019, balance sheet. Patent Initial Date Useful Life at Date Item Cost Acquired Acquired Patent A $43,860 3/1/16 17 years Patent B $16,800 7/1/17 10 years Patent $21,600 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $245,000 were incurred during the year. 2. Patent was purchased on July 1 for $40,470. This patent has a useful life...
On December 31, 2020, Sage Company has $6,975,000 of short-term debt in the form of notes...
On December 31, 2020, Sage Company has $6,975,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On December 28, 2020, Sage enters into a refinancing agreement with Gotham that will permit it to borrow up to 67% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,983,000 in May to a high of $7,983,000 in October during the year 2021. The interest cost of...
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end....
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end. Account Accounts payable Accounts receivable Accum. deprec., building Accum. deprec., machinery Allowance for doubtful accounts Building Cash Estimated warranty liabilities Income taxes payable Income tax expense Interest payable Balance1 Account $ 43,500 Interest receivable 37,800 Jake Brar, capital 364,000 Land 137,000 Machinery 2,900 Merchandise inventory 538,000 Notes payable? 20,100 Notes receivable, due 2021 12,100 Operating expenses 8,900 Prepaid rent 120,400 Revenue 710 Unearned revenue...
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...
Exercise 10-19 (Part Level Submission)
Marin, Inc. reports the following liabilities (in thousands) on its
December 31, 2022, balance sheet and notes to the financial
statements.
Accounts payable
$4,263.0
Mortgage payable
$6,746.0
Unearned rent revenue
1,058.0
Notes payable (due in 2025)
335.0
Bonds payable
1,953.0
Salaries and wages payable
858.0
Current portion of mortgage payable
1,992.0
Notes payable (due in 2023)
2,563.0
Income taxes payable
265.0
Warranty liability—current
1,417.0
*(b) Prepare the liabilities section of Marin's balance sheet as at...
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...
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...
Sage Hill Inc had the following balance sheet at December 31, 2016. SAGE HILL INC. BALANCE SHEET DECEMBER 31, 2016 Cash $9.300 Accounts payable Accounts receivable 12.300 Bonds payable Investments 13,500 Common stock Plant assets (net) 36,900 Retained earnings Land 16,500 $88,500 $15,200 9,500 36,300 27.500 $88.500 During 2017, the following occurred. 1. Net income was $26,600. 2. Depreciation expense was $8,400. 3. Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $4,200 loss. 4. Sage Hill...
Help I S NEXT Exercise 10-15 Kingbird, Inc, reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements. Accounts payable Accrued pension liability Unearned rent revenue Bonds payable Current portion of mortgage payable Income taxes payable $4,264.0 Mortgage payable 1,216.0 Operating leases 1,259.0 Notes payable (due in 2020) 1,962.0 Salaries and wages payable 1,993.0 Notes payable (due in 2018) $6,747.0 1,642.0 336.0 559.0 Unused operating line of credit Warranty liability -current...
Sage Hill Industries has the following patents on its December 31, 2019, balance sheet. Patent Initial Date Useful Life at Date Item Cost Acquired Acquired Patent A $43,860 3/1/16 17 years Patent B $16,800 7/1/17 10 years Patent $21,600 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $245,000 were incurred during the year. 2. Patent was purchased on July 1 for $40,470. This patent has a useful life...
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end. Account Accounts payable Accounts receivable Accum. deprec., building Accum. deprec., machinery Allowance for doubtful accounts Building Cash Estimated warranty liabilities Income taxes payable Income tax expense Interest payable Balance1 Account $ 43,500 Interest receivable 37,800 Jake Brar, capital 364,000 Land 137,000 Machinery 2,900 Merchandise inventory 538,000 Notes payable? 20,100 Notes receivable, due 2021 12,100 Operating expenses 8,900 Prepaid rent 120,400 Revenue 710 Unearned revenue...
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