Homework Answers
1. Definitely determinable liability
2. Neither
3. Estimated liability
4. Definitely determinable liability
5. Definitely determinable liability
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For each item in the following list, tell whether it is a definitely determinable liability, an estimated liability...
IIII For each of the following items, tell whether it is a cash inflow or cash...
IIII
For each of the following items, tell whether it is a cash inflow or cash outflow and the section of the statement of cash flows in which the item would appear. (Assume the direct method is used.) Item Inflow or Outflow Section of the Statement a. Cash collected from customers b. Proceeds from issue of stock C. Interest payment on loan d. e. f. g. h. i. j. Principal repayment on loan Cash paid for advertising Proceeds from sale...
Froblem 2 (Financial Statement Impact of Liability Transactions) Instructions I below is a list of possible...
Froblem 2 (Financial Statement Impact of Liability Transactions) Instructions I below is a list of possible transactions. Analyze the effect of the following transactions on the a statement categories indicated Ilse the following code: I: Increase D: Decrease NE: No net effe ALOE NI ly TI 1. Purchased inventory for $80,000 on account (assume perpetual system is used). AP AP 2. Issued an $80,000 note payable in payment on account (see item 1 above). 3. Recorded accrued interest on the...
Prepare a journal entry for each transaction. there are no amounts provided E13-16 (LO4) (Financial Statement...
Prepare a journal entry for each transaction.
there are no amounts provided
E13-16 (LO4) (Financial Statement Impact of Liability Transactions) Presented below is a list of possible transactions. 1. Purchased inventory for $80,000 on account (assume perpetual system is used). 2. Issued an $80,000 note payable in payment on account (see item 1 above). 3. Recorded accrued interest on the note from item 2 above. 4. Borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. Recognized...
E13-23 Disclosures of liabilities Indicate the way each of the items listed below should 2021 be...
E13-23 Disclosures of liabilities Indicate the way each of the items listed below should 2021 be reported in a balance sheet at December 31. Item 1. Commercial paper. |||||| 2. Noncommitted line of credit. 3. Customer advances. 4. Estimated quality assurance 5. Accounts payable. 6. Long-term bonds that will be Reporting Method N. Not reported c. Current liability L. Long-term liability surance warranty cost. D. Disclosure note only us that will be callable by the creditor in the upcoming A....
Question: A company regularly purchases materials from a manufacturer on credit. Payments for these purchas... A company...
Question: A company regularly purchases materials from a manufacturer on credit. Payments for these purchas... A company regularly purchases materials from a manufacturer on credit. Payments for these purchases occur within the company’s operating cycle. They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. Which current liability situation does this best describe? sales tax payable accounts payable unearned revenue income taxes payable A ski company takes out a $400,000 loan from...
A company regularly purchases materials from a manufacturer on credit. Payments for these purchases occur within...
A company regularly purchases materials from a manufacturer on credit. Payments for these purchases occur within the company’s operating cycle. They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. Which current liability situation does this best describe? sales tax payable accounts payable unearned revenue income taxes payable A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the loan principal, paid annually....
Possible Answers: Match each term or phrase to its description below. Liquidity Whether an item is...
Possible Answers:
Match each term or phrase to its description below. Liquidity Whether an item is large enough to likely influence the decision of an investor or creditor. Constraint that weighs the cost that companies will incur to provide the information against the benefit that financial statement users will gain from having the information available. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. Information that is complete, neutral, and free from...
Liability Transactions The following Rems were selected from among the transactions completed by Sherwood Co. during...
Liability Transactions The following Rems were selected from among the transactions completed by Sherwood Co. during the current year Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms /30. Mar. 17. Issued a 60-day, 6% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co the amount owed on the note of March 17. June 15. Borrowed $169,200 from Triple Creek Bank, issuing a 60-day, 7 note July 21. Purchased tools by issuing a $72,000,...
structions The following items were selected from among the transactions completed by Sherwood Co. during...
structions The following items were selected from among the transactions completed by Sherwood Co. during the current year. Mar. 1 31 Apr. Jun. 30 1 Purchased merchandise on account from Kirkwood Co., $300,000, terms 1/30. Issued a 30-day, 4% note for $300,000 to Kirkwood Co., on account. Paid Kirkwood Co. the amount owed on the note of March 31 Borrowed 5156,000 from Triple Creek Bank, issuing a 45-day, 4% note. Purchased tools by issuing a $228,000, 60-day note to Poulin...
Classify each of the following transactions as increasing, decreasing, or having no effect on cash flows:...
Classify each of the following transactions as increasing, decreasing, or having no effect on cash flows: a. Prepaying rent for the month b. Accruing the wages owed to employees at the end of the month, to be paid on the first payday of the next month c. Selling bonds to investors d. Buying the company's own shares on the stock market e. Selling merchandise to a customer who uses a debit card to pay for the purchase f. Paying for...
IIII
For each of the following items, tell whether it is a cash inflow or cash outflow and the section of the statement of cash flows in which the item would appear. (Assume the direct method is used.) Item Inflow or Outflow Section of the Statement a. Cash collected from customers b. Proceeds from issue of stock C. Interest payment on loan d. e. f. g. h. i. j. Principal repayment on loan Cash paid for advertising Proceeds from sale...
Froblem 2 (Financial Statement Impact of Liability Transactions) Instructions I below is a list of possible transactions. Analyze the effect of the following transactions on the a statement categories indicated Ilse the following code: I: Increase D: Decrease NE: No net effe ALOE NI ly TI 1. Purchased inventory for $80,000 on account (assume perpetual system is used). AP AP 2. Issued an $80,000 note payable in payment on account (see item 1 above). 3. Recorded accrued interest on the...
Prepare a journal entry for each transaction.
there are no amounts provided
E13-16 (LO4) (Financial Statement Impact of Liability Transactions) Presented below is a list of possible transactions. 1. Purchased inventory for $80,000 on account (assume perpetual system is used). 2. Issued an $80,000 note payable in payment on account (see item 1 above). 3. Recorded accrued interest on the note from item 2 above. 4. Borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. Recognized...
E13-23 Disclosures of liabilities Indicate the way each of the items listed below should 2021 be reported in a balance sheet at December 31. Item 1. Commercial paper. |||||| 2. Noncommitted line of credit. 3. Customer advances. 4. Estimated quality assurance 5. Accounts payable. 6. Long-term bonds that will be Reporting Method N. Not reported c. Current liability L. Long-term liability surance warranty cost. D. Disclosure note only us that will be callable by the creditor in the upcoming A....
Possible Answers:
Match each term or phrase to its description below. Liquidity Whether an item is large enough to likely influence the decision of an investor or creditor. Constraint that weighs the cost that companies will incur to provide the information against the benefit that financial statement users will gain from having the information available. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. Information that is complete, neutral, and free from...
Liability Transactions The following Rems were selected from among the transactions completed by Sherwood Co. during the current year Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms /30. Mar. 17. Issued a 60-day, 6% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co the amount owed on the note of March 17. June 15. Borrowed $169,200 from Triple Creek Bank, issuing a 60-day, 7 note July 21. Purchased tools by issuing a $72,000,...
structions The following items were selected from among the transactions completed by Sherwood Co. during the current year. Mar. 1 31 Apr. Jun. 30 1 Purchased merchandise on account from Kirkwood Co., $300,000, terms 1/30. Issued a 30-day, 4% note for $300,000 to Kirkwood Co., on account. Paid Kirkwood Co. the amount owed on the note of March 31 Borrowed 5156,000 from Triple Creek Bank, issuing a 45-day, 4% note. Purchased tools by issuing a $228,000, 60-day note to Poulin...
Classify each of the following transactions as increasing, decreasing, or having no effect on cash flows: a. Prepaying rent for the month b. Accruing the wages owed to employees at the end of the month, to be paid on the first payday of the next month c. Selling bonds to investors d. Buying the company's own shares on the stock market e. Selling merchandise to a customer who uses a debit card to pay for the purchase f. Paying for...
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