DashboardVitalSource Booksh...Spotify-Web PlaE5.8 (LO1, 2) (Current vs. Non-Current Llabilides) Pascal Corporation ispreparing Its December 31, 2019, statement of financial position. The followingitems may be reported as either a current or non-current liability1. On December 15, 2019, Pascal declared a cash dividend of $2.00 pershare to shareholders of record on Decenber 31, The dividend is payableon January 15, 2020 Pascal has ssued 1.000,000 ordinary shares ofwhich 50,000 shares are held in treasury.2. AL December 31, bonds payable of $100.000 000 are outstanding Thebonds pay 8% interest every September 30 and mature in instaliments of$25,000,000 every September 30, beginning September 30, 2020.3. Al December 31, 2018, customer advances were $12 000.000 During2019. Pascal collected $30.000,000 of customer advances advances of$25.000.000 represent performance obligations, which have beensatisfied.InstructionsFor each item above. indicate the dollar amounts to be reported as a currentliability and as a non-current liability, if any

Current liability refers to the amount that is due for payment within one year or within the period…

Answered: E5.8 (LO1, 2) (Current ve. Non-Current…

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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Q1. Al Jabel Corporation is preparing financial statement for the year ended December 31, 2019. For each item below, indicate the dollar amount to be reported as either current liability or non-current liability. a. At the end of the year 8% bonds payable of OMR 5,000,000 are outstanding. Interest is payable on September 30 each year and mature in 4 equal instalments every September 30. b. At December 31, 2018, customers' advances were OMR 18,000,000. During 2019, Al Jabel collected OMR 45,000,000 of customers' advances, and advances of OMR 37,500,000 were earned. c. On December 31, 2019, Al Jabel declare a cash dividend of OMR 3 per share, payable on January 15, 2021. Al Jabel has issued 2,000,000 ordinary shares of which 1,000,000 shares held in treasury.
5. On December 31, 2019, an entity declared a cash dividend payable March 31, 2020.On December 31, 2019, the entity reported accumulated depletion of share capital of share premium of PI 500,000 and retained earnings of What arnount of liquidating dividend is included in the cash div:dend declared on December 31, 2019?
On October 1, 2021, Sheffiled Corporation issued $500, 000 of 10 year, 5& bonds at 100. Interest is payable semi-annualy on October 1 and April 1. Sheffield's year end is December 31 and the company records adjusting entries annually. Identify what amounts, if any, Sheffield would report as a current liability and non current liability with respect to the bond and bond intereset accounts on December 31, 2021.
Marcus Company has reported a total financial liability of P15,000,000 in its accounting records as of December 31, 2019 which include the following: A P3,000,000 face value perpetual bond that pays 5% interest each year A P2,000,000 redeemable preference share that will be redeemed by Marcus at a future date. A P1,500,000 redeemable preference shares redeemable at the option of the holder A P75,000 written call option that allows the holder to purchase a fixed number of ordinary shares of Marcus Company for a fixed amount. What is the correct amount of financial liability that should be reported by Marcus Company in its December 31, 2019 statement of financial position?
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At December 31, 2019, Wayne Company owned note payable of P1,950,000, due March 15, 2020. Wayne expects to retire this debt with proceeds from the sale of 200,00o shares of its share capital. The shares were sold for P10 per share on March 1, 2020, prior to the issuance of the year-end financial statements. In Wayne's December 31, 2019 Statement of Financial Position, what amount of the note payable should be excluded from current liabilities?
Presented here are long term liability itema for Marin inc. at December 31, 2017. Bands payable (due 2021) Notes payable (du 201) s870,000 70,000 Discourt on bonds payable 30,000 Prepare the long-tem liabikies section of the balance sheet for Marin inc. MARIN INC. Ratance Sheet (Partt)
(2) Fortune, Inc. uses the accrual method of accounting. What is Fortune's earnings and profits as of January 1, 2020, assuming its opening 2019 E&P was $50,000, it distributed $29,000 to its shareholders in 2019, its 2019 taxable income was equal to $25,000 and that it has the following items of income and expense for the year 2019: Net operating loss carryover 2,500 ... § 243 dividend received exclusion (5% interest in stock of payor).. Contributions in excess of 10% corporate limitation Federal Income tax for TYE 12/31/19 Excess of capital losses over capital gains Interest Income from Tax-exempt municipal bond NYC moving violation and parking tickets Current year Section 179 deduction ....... 2,500 8,000 1,000 2,100 1,500 4,300 7.400 9,000
Your accounting firm was engaged as the auditor of Chismosa Company for the examination of its financial statements for the year ended December 31, 2022. In the course of your review, you gathered the following information: a. On May 1, 2021, Chismosa Company acquired P400,000 of Chismis Corporation 9% bonds for P440,000, inclusive of accrued interest. Interest on bonds is payable semiannually on June 30 and December 31, and bonds mature on December 31, 2026. The Chismis bonds belong to portfolio of Chismosa’s investments intended for profit taking opportunities, and this, are held for trading. b. On October 1, 2022, Chismosa Company sold bonds of P100,000 for P109,000 inclusive of accrued interest. c. On November 30, 2022, bonds of P120,000 were exchanged for 1,000 shares of Chismis Corporation P100 par ordinary share as held for trading. Interest was received on the date of exchange. d. You obtained the following quoted prices of the securities: December 31,…
On its December 31, 2021 statement of financial position, Emig Corp. reported bonds payable of P5,680,000. The bonds had a P6,000,000 face value. On January 2, 2022, Emig retired P3,000,000 of the outstanding bonds at par plus a call premium of P70,000. What amount should Emig report in its 2022 income statement as gain/ loss on extinguishment of debt (ignore taxes)?
1
Included in Vulnerable Corporation's liability account balances at December 31, 2020, were the following:8% note payable issued October 1, 2020, maturing September 30, 2021 P500,00010% note payable issued April 1, 2020, payable in six equal annualinstallments of P150,000 beginning April 1, 2021 900,00012% Bonds payable issued on March 1, 2017, maturing on March 1, 2021 1,500,000The bonds payable pay interest semi-annually on March 1 and September 1. Based on the above information, what amount of current liabilities should be included as of December 31, 2020?a. P2,287,500 c. P2,900,000b. P3,037,500 d. P2,012,500

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