Reporting current and long-term liabilities [5-15 min]
Review your responses to Exercise. On March 31, 2013, Filmore’s accountant states that the company owes $15,000 in employee salaries and $17,000 in Accounts payable. Further, the company has Unearned rent revenue of $12,000 representing rent through September 30, 2013. Finally, Filmore has a mortgage on its office building of $140,000, of which $10,000 is due in the next year.
Requirement
1. Report Filmore Homebuilders’ liabilities on its classified balance sheet as of March 31, 2013. List the liabilities in descending order (largest to smallest), and calculate subtotals for each classification.
Journalizing bond transactions—year-end interest accrual [10 min]
Filmore Homebuilders issued $250,000 of 8%, 10-year bonds at par on September 30, 2012. Filmore pays semiannual interest on March 31 and September 30.
Requirements
1. Journalize the issuance of the bonds payable on September 30, 2012.
2. Journalize the accrual of interest on December 31, 2012.
3. Journalize the payment of semiannual interest on March 31, 2013.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.