Current Liabilities
1. Solar Sunny Corp. reported the following liability account balances on December 31 of the current year:
Accounts payable……………………………………………P 1,900,000
Bonds payable, due in two years.………………………… 3,400,000
Discount on bonds payable……………………………….. 200,000
Deferred tax liability……………………………………….. 400,000
Cash dividend payable……………………………………. 500,000
Income tax payable…………………………………………. 900,000
Notes payable, due at the end of the succeeding year… 600,000
On December 1 of the current year, what at what amount should the current liabilities be reported in the statement of financial position?
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
help me please ? thank you ? 16) Giants Company disclosed the following liability account balances...
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 ? 20) Erik Killmonger Company reported the following liability account...
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...
Presented below are long-term liability items for Suarez Company at December 31, 2014. Prepare the long-term liabilities...
Presented below are long-term liability items for Suarez Company at December 31, 2014. Prepare the long-term liabilities section of the balance sheet for Suarez Company. Bonds payable, due 2016 $500,000 Mortgage Liability due in one year $45,000 560,000 total Notes Payable, due 2019 80,000 Discount on Bonds Payable 42,000
Presented below is balance sheet information regarding Sargent Corporation as of December 31, 2020. Current assets:...
Presented below is balance sheet information regarding Sargent Corporation as of December 31, 2020. Current assets: cash and cash equivalents, $150,000; accounts receivable, $170,000; allowance for doubtful accounts, $10,000; inventories, $200,000 cost, $180,000, net realizable value. Fixed assets: buildings, $1,040,000 less $360,000 accumulated depreciation; equipment, $450,000 less $180,000 accumulated depreciation; land $500,000; land held for future use, $270,000. Current liabilities: accounts payable, $150,000; notes payable, $80,000; income taxes payable, $40,000; unearned rent revenue, $5,000. Other liabilities: long-term notes payable issued...
help me please ? thank you ? 23) The trial balance of Beatriz Company reflected the...
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...
I need some help with the following information. Thanks in advance! selling exp. 1,900,000 allowance...
I need some help with the following information. Thanks in advance! selling exp. 1,900,000 allowance for bad debts 45,000 additional paid-in cap. 800,000 income tax 68,880 acc. payable 577,000 payroll tax exp. 30,000 acc. rec. 760,000 cash 172,000 interest exp. 151,000 investment income 79,000 marketable security 729,000 common stock ($2 par) 400,000 research exp. 200,000 land 278,000 ret. earnings 178,000 merch. inv. 500,000 dividends declared and paid 20,000 building 971,120 notes pay. ($50,000 will be repaid in the next...
help me please ? thank you ? 19) T'challa Company reported the following information on December...
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
Huey Company acquires 100% of the stock of Solar Corporation on January 1, 2019, for $2,400,000...
Huey Company acquires 100% of the stock of Solar Corporation on January 1, 2019, for $2,400,000 cash. As of that date Solar had the following account balances: Book Value Fair value Cash $300,000 $300,000 Accounts receivable 325,000 325,000 Inventory 350,000 $400,000 Building-net (10 year life) 1,000,000 900,000 Equipment-net (5 year life) 300,000 400,000 Land 600,000 900,000 Accounts Payable 125,000 125,000 Bonds Payable (Face amount $1,000,000; due 12/31/2023) 2,000,000 2,050,000 Common stock 700,000 Additional paid-in capital 250,000 Retained earnings 880,000 In...
Jamison Corp.'s balance sheet accounts as of December 31, 2018 and 2017 and information relating to...
Jamison Corp.'s balance sheet accounts as of December 31, 2018 and 2017 and information relating to 2018 activities are presented below. December 31, 2018 2017 Assets Cash $ 440,000 $ 200,000 Short-term investments 600,000 — Accounts receivable (net) 1,020,000 1,020,000 Inventory 1,380,000 1,200,000 Long-term investments 400,000 600,000 Plant assets 3,400,000 2,000,000 Accumulated depreciation (900,000) (900,000) Patent 180,000 200,000 Total assets $6,520,000 $4,320,000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1,660,000 $1,440,000 Notes payable (nontrade) 580,000 — Common stock,...
QUESTION 5 (PB12-3) The financial statements for CT Consulting Inc., a sister company to Cocao Excavating...
QUESTION 5 (PB12-3) The financial statements for CT Consulting Inc., a sister company to Cocao Excavating Inc. has is year-end on December 31, 2018 They are almost complete, except for the statement of cash flows. The completed Statement of Financial Position and Statement of Comprehensive Income are summarized below: 2020 2019 Statement of Financial Position Property and Equipment $2,100,000 $1,500,000 Less: Accumulated Depreciation (600,000) (450,000) Inventory 220,000 200,000 Accounts Receivable 150,000 200,000 Cash 630,000 650,000 $2,500,000 $2,100,000 Notes Payable Long-Term...
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 ?
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 ?
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...
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
Most questions answered within 3 hours.
-
Case 5: World Food Programme: A Quarter a Day Keeps the
Hunger Away
Case Summary: Established...
asked 2 minutes ago -
What do the suction port connection adapter and gasket do in 2
Cylinder refrigerant gas piston...
asked 2 minutes ago -
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 2 hours ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 4 hours ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 5 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 5 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 6 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 6 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 6 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 7 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 10 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 11 hours ago