ماهو جواب هذه الأسئلة BRIEF EXERCISESBE11-1 Jamison Company has the following obligations at December 31: (a) a note pay-able for $100,000 due in 2 years, (b) a 10-year mortgage payable of $300,000 payable in ten$30,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d)accounts payable of $60,000. For each obligation, indicate whether it should be classifiedas a current liability. (Assume an operating cycle of less than one year.)Identify whether obligationsare current liabilities.(LO 1)BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, Prepare entries for an interest-10%, one-year note payable.bearing note payable.(LO 1)(a) Prepare the journal entry to record the proceeds of the note.(b) Prepare the journal entry to record accrued interest at December 31, assuming adjust-ing entries are made only at the end of the year.BE11-3 Coghlan Auto Supply does not segregate sales and sales taxes at the time of sale.The register total for March 16 is $16,380. All sales are subject to a 5% sales tax. Computesales taxes payable, and make the entry to record sales taxes payable and sales revenue.Compute and record salestaxes payable.(LO 1)BE11-4 Derby University sells 4,000 season basketball tickets at $210 each for its 12-game Prepare entries for unearnedhome schedule. Give the entry to record (a) the sale of the season tickets and (b) the reve-nue recognized by playing the first home game.revenues.(LO 1)BE11-5 Yahoo! Inc.'s recent financial statements contain the following selected data (inthousands).Analyze liquidity.(LO 2)$ 4,594,772Current liabilities $1,717,7282,417,394Current assetsTotal assets14,936,030Total liabilitiesCompute (a) working capital and (b) current ratio.BE11-6 On December 1, Bruney Company introduces a new product that includes a one-year warranty on parts. In December, 1,000 units are sold. Management believes that 5%of the units will be defective and that the average warranty costs will be $90 per unit.Prepare the adjusting entry at December 31 to accrue the estimated warranty cost.Prepare adjusting entry forwarranty costs.(LO 2)

Solution: (1). Current Liability Explanation a. Note Payable in 2 Years 0 This note…

BE11-1 Jamison Company has the following obligations at December 31: (a) a note pay- able for $100,000 due in 2 years, (b) a 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability. (Assume an operating cycle of less than one year.)

BE11-1 Jamison Company has the following obligations at December 31: (a) a note pay- able for $100,000 due in 2 years, (b) a 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability. (Assume an operating cycle of less than one year.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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