Homework Answers
Current liabilities are generally those which need to be paid within one year.
According to this definition now let's analyse the question into current and long term liabilities.
Current liabilities are-:
Option a, c, d, e, f, g all these are to be paid within one year therefore they are current liabilities.
Option b notes payable is long term liabilities as it need to paid in 3 years.
Note - income tax payable is current liabilities because that is due within a year.
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Rios Raft Company had the following liabilities. Determine whether each liability would be considered a current...
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ctive 1 S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 month Determine whether each liability would be considered a current liability (CL) long-term liability (LTL).
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Taylor Company has the following obligations at December 31: (a) a note payable for $10,000 due in six months; (b) unearned revenue of $12,500; (c) interest payable of $15,000; (d) accounts payable of $60,000; and (e) note payable due in two years. For each obligation, indicate whether or not it should be classified as a current liability For each scenario, determine if the liability should be classified as a current or non-current liability. (a)...
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Glamor Frames has asked you to determine whether the company's ability to pay current liabilities and...
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ctive 1 S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 month Determine whether each liability would be considered a current liability (CL) long-term liability (LTL).
1 current or non current
liability
Taylor Company has the following obligations at December 31: (a) a note payable for $10,000 due in six months; (b) unearned revenue of $12,500; (c) interest payable of $15,000; (d) accounts payable of $60,000; and (e) note payable due in two years. For each obligation, indicate whether or not it should be classified as a current liability For each scenario, determine if the liability should be classified as a current or non-current liability. (a)...
PROBLEMV REQUIRED: On a separate sheet, list the following accounts by NUMBER and indicate whether the account would be classified the following: (a) Current liability (b) Long-term liability (c) Not a liability. 1. Accounts Payable - Due in 3 months 2. Withdrawals 3. Unearned Revenues 4. Mortgage Payable- Due in 30 years 5. Cash 6. Salaries Payable 7. Prepaid Rent 8. Capital 9. Vacation-pay Payable 10. State Income Taxes Payable 11. Prepaid Rent 12. Dividends payable
For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Properly, Plant, and Equipment; Intangible Assets; Current Liabilities: Long- term Liabilities, and Stockholders' Equity. If the item does not belong on the classified balance sheet, put an X. Account Category Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets Current Liabilities Long-term Liabilities Stockholders' Equity a. Land (used in operations) b. Accumulated Depreciation-Equipment C. Common...
Glamor Frames has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2017. To answer that question, compute these ratios for 2017 and 2016, using the following data: :: (Click the icon to view the financial information.) Read the requirements 2016 ( 5 - 2016 ( 5 46000 46.000 + S 0 + $ 121,660 / $ 202,000 c. Debt ratio Enter the formula on the first line, then calculate...
Glamor Frames has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2017 To answer that question, compute these ratios for 2017 and 2016, using the following data: (Click the icon to view the financial information) Read the requirements a. Current ratio Enter the formula on the first line, then calculate the ratio for each year. (Round your answers to two decimal places) Current assets Current liabilities Current ratio 2017...
Determine whether the following statements about the accumulated eangstax are true or false a. Before the IRS can impose the accumulated earnings tax, it need only show that tax avoidance was one of b. Long-term capital gains are included in the accumulated earnings tax base Select the appropriate answer below the motives for the corporation's unreasonable accumulation of earnings Select true/false Each corporate member of a controlled group can claim a separate $150,000 or $250,000 accumulated earnings credit. A dividends-paid...
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