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Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.  Long Term Liability?

30 What are two examples of needing to record a notes payable liability? Choose 2 answers. A company decides to pay $1.28 per share to each of its stockholders. A company makes each employee pay $25 for their keys, which is refundable upon the return of the keys when the employee leaves the company. A shipping company takes out a long-term loan for a new fleet of trucks. An office building has been cleaned at the end of the year, but the invoice has not yet arrived. A board of directors sends payments to all investors proportional to the percent of the company they own. A lending company agrees to lend $200,000 to another company, which signs an agreement for a three-month loan of $200,000 at a 5.1% interest rate.

During its first year of operations, a company granted employees vacation privileges and pension rights estimated at a cost of $24,341 and $14,298. The vacations are expected to be taken in the next year and the pension rights are expected to be paid in the future 5-30 years. What is the total cost of vacation pay and pension rights to be recognized in the first year? a.$24,341 b.$14,298 c.$67,235 d.$38,639

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in Requirements: s not been 1. Journalize every transaction in the General Journal 2. Post every general journal in the General Ledger 3. Prepare a trial balance he "out of f LAYTEY DRAGERN, a tax consultant, began his practice on December 2019. The transactions of the firm are as follows: n-balance December Mr. Dragern invested P150,000 in the firm. Paid rent for December to Marooney Devila's Realty P8,000. 3. Purchased supplies on account, P7,200. 1. 2. 4. Acquired P75,000 of office equipment from BibiKow Co, paying P37,000 down with the balance due in 20days. 5. Paid P7,200 on account for supplies purchased. 6. Paid the salaries for two weeks, P6,000 7. Performed consulting services to Dazzling Blowey for cash, P20,000. 8. Paid the salaries for two weeks, P6,000. CO 9. Performed consulting services to Gremma Repeh on account, P35,000. 10. Received and paid the telephone bills, P1,500. 11. Purchased supplies on account, P8,600. 12. Paid the accounts from BibiKow Co, P25,000. 13. Mr.…

Module 5 - Practice QuestionMr. Jay Brown is 66 years of age and his 2020 income is made up of employmentincome of $75,800, contributed $6,500 to his RRSP. He also earned interestincome from Guaranteed Investment Certificate (GIC) of $3,700 during 2020 andreceived Old Age Security benefits of $7,400 (because of large business lossesduring the previous two years, no amount was withheld from the OAS payments).Mr. Brown and his family live in Toronto, Ontario. For 2020, Mr. Brown’semployer withheld maximum CPP ($2,898) and EI ($856) contributions. Otherinformation pertaining to 2020 is as follows:1. Mr. Brown’s spouse is 59 years old and qualifies for the disability tax credit.Her income for the year totaled $4,500.2. Mr. and Mrs. Brown have two daughters, Keith, aged 15 and Laura, aged17. Keith had income of $2,700 for the year while Laura had net income of$3,000. In September 2020, Laura began full time attendance at a Canadianuniversity. Mr. Brown paid her tuition fees of $6,000, of…

Chapter 10, Question 10: American Paging, Inc., is the seventh largest paging company in the United States. In a recent balance sheet, it reported a current liability of $8,452,379 that was labeled Unearned Revenues and Deposits. A note to the financial statements explained: “Unearned revenues and deposits primarily represent monthly charges to customers for radio paging rental and dispatch billed in advance. Such revenues and deposits are recognized in the following month when service is provided or are applied against the customer’s final bill or last month’s rent.”  Required: What basic principle of accounting guides American Paging’s handling of its unearned revenues and deposits? Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent liabilities. When should contingent li-abilities be recorded in the accounts? Chapter 11 - Question 2: (a) What is meant by the limited liability of a stockholder? (b) Does this characteristic enhance or reduce a…

During its first year of operations, a company granted employees vacation privileges and pension rights estimated at a cost of $24, 203 and $13,077. The vacations are expected to be taken in the next year, and the pension rights are expected to be paid in the future 5-30 years. What is the total cost of vacation pay and pension rights to be recognized in the first year? a. $13,077 b. $24, 203 c. $37, 280 d. $63,434

PARTI: The following transactions occurred for Murphy Delivery Service during December 2020: Dec. 1 Murphy Delivery Service began operations by receiving $22,000 cash and a truck with a fair value of $15,000 from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution. 1 Paid $4,080 cash for a one-year insurance policy. The policy begins on December 1. 4 12 15 Paid $1,400 cash for office supplies. Performed delivery services for a customer and received $4,800 cash. Completed a large delivery job, billed the customer, $11,400, and received a promise to collect the $11,400 within one week 18 Paid employee salary, $3,600. 20 Received $7,850 cash for performing delivery services. 22 Collected $6,400 in advance for delivery service to be performed later. 25 Collected $11,400 cash from a customer on account. 27 Purchased fuel for the truck, paying $750 on the account. (Credit Accounts Payable) Performed delivery services on account, $5,750. Paid…

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At 31 December 20X5 the following require inclusion in a company's financial statements: On 1 January 20X5 the company made a loan of $12,000 to an employee, repayable on 1 January 20X6, charging interest at 2% per year. On the due date she repaid the loan and paid 1 the whole of the interest due on the loan to that date. The company paid an annual insurance premium of $9,000 in 20X5, covering the year ending 31 August 20X6. 3 In January 20X6 the company received rent from a tenant of $4,000 covering the six months to 31 December 20X5. For these items, what total figures should be included in the company's statement of financial position as at 31 December 20X5?

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PARTI: The following transactions occurred for Murphy Delivery Service during December 2020: Dec. 1 Murphy Delivery Service began operations by receiving $22,000 cash and a truck with a fair value of $15,000 from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution. 1 Paid $4,080 cash for a one-year insurance policy. The policy begins on December 1. 4 Paid $1,400 cash for office supplies. 12 Performed delivery services for a customer and received $4,800 cash. 15 Completed a large delivery job, billed the customer, $11,400, and received a promise to collect the $11,400 within one week 18 Paid employee salary, $3,600. 20 Received $7,850 cash for performing delivery services. 22 Collected $6,400 in advance for delivery service to be performed later. 25 Collected $11,400 cash from a customer on account. 27 Purchased fuel for the truck, paying $750 on the account. (Credit Accounts Payable) 28 Performed delivery services on account, $5,750. 29 Paid…

On January 1, Lumia Company's liabilities are $69,000 and its equity is $49,000. On January 3, Lumia purchases and installs solar panel assets costing $19,000. For the panels, Lumia pays $8,500 cash and promises to pay the remaining $10,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Equity January 1 Change January 3 || Liabilities $ 69,000+ $ + 49,000

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6. Patient Company sells subscriptions to a specialized directory that is published semiannually and shipped to subscribers on April 15 and October 15. Subscriptions received after the March 31 and September 30 cut-off dates are held for the next publication. Cash from subscribers is received evenly during the year and is credited to deferred revenues from subscriptions. Data relating to 2023 are as follows: Deferred revenue from subscriptions, 12/31/2022 P1, 500, 000 Cash receipts from subscribers 7, 200, 000 In its December 31, 2023 balance sheet, how much should patients report as deferred revenues from subscriptions?

Fink Insurance collected premiums of $18,300,000 from its customers during the current year. The adjusted balance in the Deferred premiums revenue account increased from $5.0 million to $9.3 million dollars during the year. What is Fink's revenue from insurance premium recognized for the current year? Multiple Choice $9,000,000. $22,600.000. $14,000,000

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Rent expense Adjusting and Closing Entries 4,230 Insurance expense 1,212 Silver Lining, Inc., provides investment advisory services. The company adjusts its accounts monthly, but performs closing entries annually on December 31. The firm's unadjusted trial balance dated December 31, current year, appears as Salaries expense 32,520 Interest expense 432 Income taxes expense 8,280 follows. Totals $ 179,112 $ 179,112 SILVER LINING, INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, CURRENT YEAR Debit Credit Other Data Cash $51,402 1. Accrued but unrecorded and uncollected consulting services revenue totals $1,800 at December 31, current year. Accounts receivable 2,400 Office supplies 246 2. The company determined that $3,000 of previously unearned consulting services revenue had been earned at December 31, current year. 3. Office supplies on hand at December 31 total $132. 4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the…