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Concord Corporation is preparing its December 31, 2025, balance sheet. The following items may be reported as either a current or long-term liability. 1. 2. On December 15, 2025, Concord declared a cash dividend of $2.60 per share to stockholders of record on December 31. The dividend is payable on January 15, 2026. Concord has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. At December 31, bonds payable of $101,992,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,498,000 every September 30, beginning September 30, 2026. 3. At December 31, 2024, customer advances were $14,771,000. During 2025, Concord collected $31,469,000 of customer advances; advances of $27,374,000 should be recognized in income. Reported as For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. 1. Dividends payable 2. Bonds payable (September 30, 2026 installment) Bonds payable (Other than September 30, 2026 installment) $ Interest payable 3. Customer advances 1

Concord Corporation is preparing its December 31, 2025, balance sheet. The following items may be reported as either a current or long-term liability. 1. 2. On December 15, 2025, Concord declared a cash dividend of $2.60 per share to stockholders of record on December 31. The dividend is payable on January 15, 2026. Concord has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. At December 31, bonds payable of $101,992,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,498,000 every September 30, beginning September 30, 2026. 3. At December 31, 2024, customer advances were $14,771,000. During 2025, Concord collected $31,469,000 of customer advances; advances of $27,374,000 should be recognized in income. Reported as For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. 1. Dividends payable 2. Bonds payable (September 30, 2026 installment) Bonds payable (Other than September 30, 2026 installment) $ Interest payable 3. Customer advances 1

FINANCIAL ACCOUNTING
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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Concord Corporation is preparing its December 31, 2025, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2025, Concord declared a cash dividend of $2.60 per share to stockholders of record on December 31. The dividend is payable on January 15, 2026. Concord has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2. 3. At December 31, bonds payable of $101,992,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,498,000 every September 30, beginning September 30, 2026. At December 31, 2024, customer advances were $14,771,000. During 2025, Concord collected $31,469,000 of customer advances; advances of $27,374,000 should be recognized in income. Reported as For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. 1. Dividends payable 2. Bonds payable (September 30, 2026 installment) LA +A +A +A LA Bonds payable (Other than September 30, 2026 installment) Interest payable 3. Customer advances >
Transcribed Image Text:Concord Corporation is preparing its December 31, 2025, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2025, Concord declared a cash dividend of $2.60 per share to stockholders of record on December 31. The dividend is payable on January 15, 2026. Concord has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2. 3. At December 31, bonds payable of $101,992,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,498,000 every September 30, beginning September 30, 2026. At December 31, 2024, customer advances were $14,771,000. During 2025, Concord collected $31,469,000 of customer advances; advances of $27,374,000 should be recognized in income. Reported as For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. 1. Dividends payable 2. Bonds payable (September 30, 2026 installment) LA +A +A +A LA Bonds payable (Other than September 30, 2026 installment) Interest payable 3. Customer advances >
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