Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Jobu Company |
| You have not mentioned whether you are complying IFRS or US GAAP. |
| So I am putting solution for both. |
| If IFRS is followed: |
| Then both 6% and 8% note payable is to be shown as current liability because both are payable in 2018. So answer will be option A. $ 1,300,000. |
| If US GAAP is followed: |
| Then only 6% note payable is to be shown as current liability because 8% note payable is refinanced by issuance of long term obligation before the issuance of financial statement date i.e. 31st March 2018. So answer will be option B. $ 500,000. |
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17) N'Jobu Company reported the following liability account balances...
help me please ? thank you ? 18) Shuri Company reported the following liability balance on...
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18) Shuri Company reported the following liability balance on December 31, 2017: 12% note payable issued on March 1, 2016, maturing on March 1, 2018 5,000,000 10% note payable issued on October 1, 2016, maturing October 1, 2018 3,000,000 The 2017 financial statements were issued on March 31, 2018. On January 31, 2018, the entire P5,000,000 balance of the 12% note payable was refinanced through issuance of a long-term obligation payable lump sum....
Included and Levi Corporations liability account balances at December 31, 2006, where the following: - 14%...
Included and Levi Corporations liability account balances at December 31, 2006, where the following: - 14% notes payable issued October 1, 2019, maturing - September 30, 2021 P 1,250,000 - 16% note payable issued April 1, 2004, due on April 2021 2,000,000 On December 31, 2020, the company expects to refinance P 2,000,000 by the issuance of a long-term note payable in lump sum. The refinancing of the P 2,000,000 is at the discretion of the enterprise. Levi's December 31,...
help me please ? thank you ? 20) Erik Killmonger Company reported the following liability account...
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20) Erik Killmonger Company reported the following liability account balances on December 31, 2017: Accounts payable 2,000,000 Bonds payable, due 2018 4,000,000 Discount on bonds payable 400,000 Deferred tax liability 500,000 Dividend payable due on February 15, 2019 1,000,000 Income tax payable 800,000 Note payable due January 15, 2019 1,200,000 The deferred tax liability is based on temporary differences stemming from different depreciation method for financial reporting and income tax purpose. What total...
help me please ? thank you ? 16) Giants Company disclosed the following liability account balances...
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16) Giants Company disclosed the following liability account balances on December 31, 2017: Accounts payable 1,900,000 Bonds payable 3,400,000 Premium on bonds payable 200,000 Deferred tax liability 400,000 Dividends payable 500,000 Income tax payable 900,000 Note payable, due January 31, 2018 600,000 The deferred tax liability is based on temporary difference that will reverse in 2019. On December 31, 2017, what total amount should be reported as current liabilities? A. 7,100,000 B. 4,300,000...
help me please ? thank you ? 25) Nieva Company had the following liabilities on December...
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25) Nieva Company had the following liabilities on December 31, 2019: Accounts payable 500,000 Accrued expenses 50,000 Note payable - due March 31, 2020 1,000,000 Note payable - due May 1, 2020 800,000 Bonds payable - due December 31, 2021 2,000,000 Bonds payable - due December 31, 2020 (net of discount P100,000) 4,900,000 On March 1, 2020 before the 2019 financial statements were issued, the note payable of P1,000,000 was replaced by an...
help me please ? thank you ? 19) T'challa Company reported the following information on December...
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19) T'challa Company reported the following information on December 31, 2017: Accounts payable 800,000 Bonds payable, due 2018 3,000,000 Premium on bonds payable 150,000 Deferred tax liability 250,000 The deferred tax liability is not related to an asset for financial reporting purposes and is expected to reverse in 2018. What total amount should be reported as current liabilities on December 31, 2017? A 3,650,000 B. 4,200,000 C. 3,900,000 D. 3,950,000
can someone explain how to do these? Notes Payable CHAPTER 10 Record the journal entries on the books of Stanley's...
can
someone explain how to do these?
Notes Payable CHAPTER 10 Record the journal entries on the books of Stanley's Garage, Inc. for the following transactions: October 1, 2019: Borrowed $60,000 from Wells Fargo Bank and signed a 10 month, 8% note. December 31, 2019: Made the necessary year-end adjusting journal entry for the note. August 1, 2020: Repaid the note plus all interest due to Wells Fargo Credit Date October 1, 2019 Accounts Cash ble payable 1 Debit 600,000...
help me please ? thank you ? 23) The trial balance of Beatriz Company reflected the...
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23) The trial balance of Beatriz Company reflected the following liability account balances on December 31, 2018: Accounts payable 3,800,000 Accrued expense 400,000 Unearned interest income 100,000 Bonds payable 6,800,000 Premium on bonds payable 400,000 Deferred tax liability 800,000 Dividends payable 1,000,000 Income tax payable 1,800,000 Note payable, due January 31, 2019 1,200,000 Note payable, due March 15, 2020 2,000,000 Mortgage payable 1,500,000 Total amount of current liabilities in the statement of financial...
The unadjusted trail balance of Beirut Company at December 31, 2018, included the following account balances....
The unadjusted trail balance of Beirut Company at December 31, 2018, included the following account balances. Beirut’s 2018 finance statements were issued on March 31, 2019. Accounts receivable $ 114,250 Accounts payable 53,600 Notes payable 670,000 Mortgage payable 1,270,000 Other information: a. The notes payable were issued August 1, 2018, and are due on July 31, 2019. The interest rate is 12% payable at maturity. b. The mortgage payable is due on March 1, 2019. Interest at 11% has been...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017. All amounts are denominated in kroner (Kr). January 1, 2017 (16,000) 53,000 (44,000) (63,000) 133,000 59,000 (68,000) Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation equipment Bonds payable-due 2020 Buildings Cash Common stock Depreciation expense Dividends (10/1/17) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense December 31, 2017 (27,500) 103,000 (49,000) (7,400) (63,000) 104,500 10.400...
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18) Shuri Company reported the following liability balance on December 31, 2017: 12% note payable issued on March 1, 2016, maturing on March 1, 2018 5,000,000 10% note payable issued on October 1, 2016, maturing October 1, 2018 3,000,000 The 2017 financial statements were issued on March 31, 2018. On January 31, 2018, the entire P5,000,000 balance of the 12% note payable was refinanced through issuance of a long-term obligation payable lump sum....
help me please ? thank you ?
20) Erik Killmonger Company reported the following liability account balances on December 31, 2017: Accounts payable 2,000,000 Bonds payable, due 2018 4,000,000 Discount on bonds payable 400,000 Deferred tax liability 500,000 Dividend payable due on February 15, 2019 1,000,000 Income tax payable 800,000 Note payable due January 15, 2019 1,200,000 The deferred tax liability is based on temporary differences stemming from different depreciation method for financial reporting and income tax purpose. What total...
help me please ? thank you ?
16) Giants Company disclosed the following liability account balances on December 31, 2017: Accounts payable 1,900,000 Bonds payable 3,400,000 Premium on bonds payable 200,000 Deferred tax liability 400,000 Dividends payable 500,000 Income tax payable 900,000 Note payable, due January 31, 2018 600,000 The deferred tax liability is based on temporary difference that will reverse in 2019. On December 31, 2017, what total amount should be reported as current liabilities? A. 7,100,000 B. 4,300,000...
help me please ? thank you ?
25) Nieva Company had the following liabilities on December 31, 2019: Accounts payable 500,000 Accrued expenses 50,000 Note payable - due March 31, 2020 1,000,000 Note payable - due May 1, 2020 800,000 Bonds payable - due December 31, 2021 2,000,000 Bonds payable - due December 31, 2020 (net of discount P100,000) 4,900,000 On March 1, 2020 before the 2019 financial statements were issued, the note payable of P1,000,000 was replaced by an...
help me please ? thank you ?
19) T'challa Company reported the following information on December 31, 2017: Accounts payable 800,000 Bonds payable, due 2018 3,000,000 Premium on bonds payable 150,000 Deferred tax liability 250,000 The deferred tax liability is not related to an asset for financial reporting purposes and is expected to reverse in 2018. What total amount should be reported as current liabilities on December 31, 2017? A 3,650,000 B. 4,200,000 C. 3,900,000 D. 3,950,000
can
someone explain how to do these?
Notes Payable CHAPTER 10 Record the journal entries on the books of Stanley's Garage, Inc. for the following transactions: October 1, 2019: Borrowed $60,000 from Wells Fargo Bank and signed a 10 month, 8% note. December 31, 2019: Made the necessary year-end adjusting journal entry for the note. August 1, 2020: Repaid the note plus all interest due to Wells Fargo Credit Date October 1, 2019 Accounts Cash ble payable 1 Debit 600,000...
help me please ? thank you ?
23) The trial balance of Beatriz Company reflected the following liability account balances on December 31, 2018: Accounts payable 3,800,000 Accrued expense 400,000 Unearned interest income 100,000 Bonds payable 6,800,000 Premium on bonds payable 400,000 Deferred tax liability 800,000 Dividends payable 1,000,000 Income tax payable 1,800,000 Note payable, due January 31, 2019 1,200,000 Note payable, due March 15, 2020 2,000,000 Mortgage payable 1,500,000 Total amount of current liabilities in the statement of financial...
The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017. All amounts are denominated in kroner (Kr). January 1, 2017 (16,000) 53,000 (44,000) (63,000) 133,000 59,000 (68,000) Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation equipment Bonds payable-due 2020 Buildings Cash Common stock Depreciation expense Dividends (10/1/17) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense December 31, 2017 (27,500) 103,000 (49,000) (7,400) (63,000) 104,500 10.400...
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