Current Liabilities Zahn Inc. sold 12,500 annual magazine subscriptions for $60 during December 20Y4. These new...
Current Liabilities
Zahn Inc. sold 12,500 annual magazine subscriptions for $60 during December 20Y4. These new subscribers will receive monthly issues, beginning in January 20Y5. Zahn Inc. issued a $132,160, 180–day, 5% note payable on December 1, 20Y4. On March 31, 20Y5, Zahn Inc. had accounts payable of $ 25,100 and accrued wages payable of $6,900.
Prepare the Current Liabilities section of the balance sheet for Zahn Inc. on March 31, 20Y5. Do not round intermediate calculations and round your final answers to the nearest dollar. (Assume 360 days in a year.)
Homework Answers
| Answer | |
| Zahn Inc | |
| Current Liabilities Section of the Balance Sheet | |
| March 31, 20Y5 | |
| Current liabilities: | |
| Unearned revenue (12,500*$60) | $ 750,000 |
| Note payable | $ 132,160 |
| Interest payable ($132160*5%*31/360) | $ 569 |
| Accounts payable | $ 25,100 |
| Accrued wages payable | $ 6,900 |
| Total current liabilities | $ 914,729 |
Please like
Add Answer to:
Current Liabilities
Zahn Inc. sold 12,500 annual magazine subscriptions for $60
during December 20Y4. These new...
Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new...
Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $970,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co. Current Liabilities...
Chapter 11 eBook * Show Me How Calculator 1. EX 11.11. BLANKSHEET ALGO. Current bites 2....
Chapter 11 eBook * Show Me How Calculator 1. EX 11.11. BLANKSHEET ALGO. Current bites 2. EX 1101 ALGO 3. PR.11.05 ALGO 4. PE 1104 BLANKSHEET ALGO Bon Nebo co sold 12,500 annual subscriptions of Magazine 20xx for 553 during December 2018. These new subscribers will receive monthly issues, beginning in January 2019. In addition, the business had taxable income of $416,000 during the first calendar quarter of 2019. The federal tax rate is 40%. A quarterly tax payment we...
Statement of Cash Flows—Direct Method The comparative balance sheet of Martinez Inc. for December 31, 20Y4...
Statement of Cash Flows—Direct Method The comparative balance sheet of Martinez Inc. for December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3 Assets Cash $661,920 $683,100 Accounts receivable (net) 992,640 914,400 Inventories 1,394,400 1,363,800 Investments 0 432,000 Land 960,000 0 Equipment 1,224,000 984,000 Accumulated depreciation—equipment (481,500) (368,400) Total assets $4,751,460 $4,008,900 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $1,080,000 $966,600 Accrued expenses payable (operating expenses) 67,800 79,200 Dividends payable 100,800 91,200 Common stock, $5...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for magazines to be mailed in September 2004 through December 2004. It originally recorded the amount received in a "temporary" account. After mailing 1/4 of the magazines in September 2004, the correct adjusting entry at the end of September (adjusting entries are made monthly by the Company) will be: Subscriptions Revenue 300 Unearned Revenue 300 Subscriptions Revenue 900 Unearned Revenue 900 Unearned Revenue 300 Subscriptions...
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...
Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The...
Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Additional Data: a. Bought equipment for cash, $61,350. b. Paid $12,900 on the long-term note payable. c. Issued new shares of stock for $35,900 cash. d. Dividends of $10,150 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on...
SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners' Equity Current assets...
SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 20,640 Accounts payable $ 54,800 Accounts receivable 43,580 Notes payable 14,000 Inventory 91,960 Total $ 68,800 Total $ 156,180 Long-term debt $ 130,000 Fixed assets Net plant and equipment $423,000 Owners' equity Common stock and paid-in $114.500 surplus Retained earnings 265,880 Total $380,380 Total assets $ 579,180 Total liabilities and owners' equity $ 579,180 If the firm is operating at...
Review Problem Harriet's Hats Ltd. Balance Sheet December 31, 2018 $ 8,000 3,000 Assets Current Assets:...
Review Problem Harriet's Hats Ltd. Balance Sheet December 31, 2018 $ 8,000 3,000 Assets Current Assets: Cash Accounts Receivable Prepaid Rent Inventories Total Current Assets Property, Plant and Equipment (net) Total Assets 500 1.000 $12,500 16,500 $29.000 Liabilities and Owner's Equity Current Liabilities: Accounts Payable Accrued Wages Accrued Interest Unearned Revenue Notes Payable Total Current Liabilities Common Stock Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity $ 2,250 170 90 250 2,700 $ 5,460 15,000 8,540 $23,540 $29,000...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 31,000 Accounts...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 31,000 Accounts receivable, net 10,300 Inventory 92,400 Total current assets 133,700 Equipment 51,200 Accum. depreciation-Equipment (23, 100) Total assets $161,800 Liabilities and Equity Accounts payable $ 24,600 Salaries payable 500 Total current liabilities 25,100 Equity Common stock, no par value 112,800 Retained earnings 23,900 Total liabilities and equity $161,800 $ 31,200 12,600 72,800 116,600 43, 100 (16,000) $143,700 $ 26,600 600 27,200 103,400 13,100 $ 143,700...
1. Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for...
1. Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash $1,100 $820 Temporary investments 2,400 1,830 Accounts receivable 2,000 1,250 Inventory 1,800 1,760 Accounts payable 5,000 3,900 Required: a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick...
Chapter 11 eBook * Show Me How Calculator 1. EX 11.11. BLANKSHEET ALGO. Current bites 2. EX 1101 ALGO 3. PR.11.05 ALGO 4. PE 1104 BLANKSHEET ALGO Bon Nebo co sold 12,500 annual subscriptions of Magazine 20xx for 553 during December 2018. These new subscribers will receive monthly issues, beginning in January 2019. In addition, the business had taxable income of $416,000 during the first calendar quarter of 2019. The federal tax rate is 40%. A quarterly tax payment we...
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...
SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 20,640 Accounts payable $ 54,800 Accounts receivable 43,580 Notes payable 14,000 Inventory 91,960 Total $ 68,800 Total $ 156,180 Long-term debt $ 130,000 Fixed assets Net plant and equipment $423,000 Owners' equity Common stock and paid-in $114.500 surplus Retained earnings 265,880 Total $380,380 Total assets $ 579,180 Total liabilities and owners' equity $ 579,180 If the firm is operating at...
Review Problem Harriet's Hats Ltd. Balance Sheet December 31, 2018 $ 8,000 3,000 Assets Current Assets: Cash Accounts Receivable Prepaid Rent Inventories Total Current Assets Property, Plant and Equipment (net) Total Assets 500 1.000 $12,500 16,500 $29.000 Liabilities and Owner's Equity Current Liabilities: Accounts Payable Accrued Wages Accrued Interest Unearned Revenue Notes Payable Total Current Liabilities Common Stock Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity $ 2,250 170 90 250 2,700 $ 5,460 15,000 8,540 $23,540 $29,000...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 31,000 Accounts receivable, net 10,300 Inventory 92,400 Total current assets 133,700 Equipment 51,200 Accum. depreciation-Equipment (23, 100) Total assets $161,800 Liabilities and Equity Accounts payable $ 24,600 Salaries payable 500 Total current liabilities 25,100 Equity Common stock, no par value 112,800 Retained earnings 23,900 Total liabilities and equity $161,800 $ 31,200 12,600 72,800 116,600 43, 100 (16,000) $143,700 $ 26,600 600 27,200 103,400 13,100 $ 143,700...
Most questions answered within 3 hours.
-
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 5 minutes ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 9 minutes ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 59 minutes ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 58 minutes ago -
A high-pass filter consists of a 1.60 μF capacitor in series
with a 125 Ω resistor....
asked 1 hour ago -
A newly developed artificial intelligence has trouble
distinguishing hand-written numbers from hand-written alphabets.
There are pictures...
asked 1 hour ago -
The carbonate ion CO3 2- has multiple resonance structures.
a. Draw them and assign the hybridization...
asked 1 hour ago -
In doing an allocation for a basket purchase
Use the individual costs and the total market...
asked 1 hour ago -
what were the social political and economic causes and impacts of
the late 19th century urban...
asked 1 hour ago -
if the magnitude of a velocity vector is 10m/s and it
makes an angle of 45...
asked 1 hour ago -
Which amino acid has a basic R group?
A) tyrosine
B) Isoleucine
C) Glutamic Acid
D)...
asked 1 hour ago -
Is there the need for the government to have hackers. Please
share your thoughts.
asked 1 hour ago