At December 31,2018,Cresent Corporation's adjusted trial balance shows the following balances:
|
CresentCresent
Corporation provides multi-year warranties with its products. Half of the Accrued Warranty Liability relates to warranty liabilities that will be paid in
20192019,
while the other half relates to warranty liabilities to be paid in
20202020.
The Unearned Service Revenue pertains to a service contract that will be performed during 2019 $108,000 of the 66%bonds payable due December 31,2023,is due on December 31,2019.
1. Prepare the current liability section of CresentCorporation's balance sheet at December 31 comma 2018 December 31, 2018.(If applicable, combine the Notes Payable on one line of the statement.)
Cresent Corporation
Balance Sheet (partial)
December 31, 2018
Account
Amount
Current liabilities include obligations due within one year or normal operating cycle of a company when it is longer than one year. Obligations other than current liabilities are classified as long-term liabilities. Examples of current liabilities include accounts payable, short-term notes payable, current portion of long-term debt, unearned revenues, payroll liabilities and other accrued liabilities.
Prepare the current liabilities section of balance sheet as follows:
CC Inc | ||
Balance Sheet (Partial) | ||
December 31, 2018 | ||
Liabilities and Stockholders' Equity | Amount | Amount |
Current Liabilities: | ||
Notes Payable (Short-term) ($170,000 + $190,000) | $360,000 | |
Accounts Payable | $215,000 | |
Bonds payable (Current Portion) | $108,000 | |
Salaries Payable | $90,000 | |
Sales Tax Payable | $68,000 | |
Unearned Service Revenue | $58,000 | |
Employee Income Tax Payable | $30,000 | |
Accrued Warranty Payable ($57,000 × 50%) | $28,500 | |
Interest Payable | $27,000 | |
FICA Tax Payable | $5,000 | |
Total current liabilities | $989,500 |
At December 31,2018,Cresent Corporation's adjusted trial balance shows the following balances: Accrued Warranty Payable $57,000 77%...
At December 31, 2018, Smole Corporation's adjusted trial balance shows the following balances: (Click the icon to view more information.) EEB (Click the icon to view the balances.) Requirement 1. Prepare the current liability section of Smole Corporation's balance sheet at December 31, 2018. (If applicable, combine the Notes Payable on one line of the statement.) Data Table Smole Corporation Balance Sheet (partial) December 31, 2018 Accrued Warranty Payable $65,000 Account Amount 7% Notes Payable, due April 30, 2019 165,000...
Prepare the liability section of the balance sheet 41) At December 31, 2018, Lansing Company's general ledger shows the following balances after posting adjusting entries: Accounts Payable |3% Notes Payable, due March 31, 2019 Salaries Payable Accumulated Depreciation 8% Notes Payable, due December 31, 2023 Estimated Warranty Liability Interest Payable FICA Tax Payable 10% Bonds Payable, due December 31, 2019 5% Bonds Payable, due December 31, 2024 Sales Tax Payable Unearned Service Revenue $150,000 180,000 127,000 114,000 150,000 200,000 13,000...
Novak Corporation's adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $101.320. Accounts Payable $72,600, Notes Payable (due in 90 days) $27,270, Salaries and Wages Payable $5,850, and Income Taxes Payable $8,340. Prepare the current liabilities section of the balance sheet. NOVAK CORPORATION Balance Sheet (Partial)
Current Attempt in Progress Novak Corporation's adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $101,320, Accounts Payable 572,600, Notes Payable (due in 90 days) $27.270, Salaries and Wages Payable $5,850, and Income Taxes Payable $8,340. on- Prepare the current liabilities section of the balance sheet. NOVAK CORPORATION Balance Sheet (Partial) port 981 | Axw GP9 ? DU
Question 8Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:Accounts payable$25,000Bond payable, due 202722,000Salaries payable16,000Note payable, due 201920,000Note payable, due 202340,000What amount should be included in the current liabilities section of Janson's December 31,2018 , balance sheet?$ 63,000$ 61,000.$ 101,000$ 41,000.
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...
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...
The December 31,2018 balance sheet of ABC Co. included the following items: 7.5% bonds payable due December 31,2021. $320,000. Unamortized discount on bonds payable. $8,400 The Bonds were issued on December 31,2013, at 95, with interest payable on June 30 and December 31. On January 1,2019, ABC retired the bonds at 101. Required: Prepare journal entry for the retirement of bonds. Ex. 6- Retirement of bonds - Homework problem The December 31, 2018 balance sheet of ABC Co. included the...
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...
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...