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- Use the information for the next two (2) questions. Drapes Company disclosed the following liability account balances on December 31, 2020: Accounts payable 2,850,000 Bonds payable 5,100,000 Premium on bonds payable 300,000 Deferred tax liability 600,000 Dividends payable 750,000 Income tax payable 1,350,000 Note payable 900,000 What amount should be reported as current liabilities? What amount should be reported as noncurrent liabilities?Pharoah Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,810 32,710 Land Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total 1. 2. 3. The following information is available for 2020. 4. 121,810 5. 92,710 (31,810 ) (11,000 ) 41,810 $483,040 Current liabilities Bonds payable Common stock Retained earnings Total $151,810 101,810 182,710 46,710 $483,040 Net income was $54,680. Equipment (cost $21,810 and accumulated depreciation $9,810) was sold for $11,810. Depreciation expense was $5,810 on the building and $10,810 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,810.For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2019, if any. Capital gain or loss for year indicated Corporation 2013 2014 2015 2016 2017 2018 4,700 $11,600 $(14,550) $ 7,000 $ 4,950 $(1,450) 3,870 3,010 6,290 11,550 (61,490) 9,350 8,550 4,950 (3,040) 2,970 3,340 15,00е (26,810) (24,600) 8, 200 11,150 2,680 2,250 Assume that 2013 is the first year of operation for each corporation. (Do not leave cells blank, enter "0" if there is no effect.) Carried forward capital losses Reported capital gains Corporation 2013 2014 2015 2016 2017 2018 2019 A B C
- HardevAt December 31, 2020, Martinez Corporation has the following account balances: Bonds payable, due January 1, 2029 $2,500,000 Discount on bonds payable 92,000 Interest payable 82,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications.K.
- please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)The following selected account balances were taken from the balance sheet of Q Corp. as of December 31, 2021, immediately before the take over of the trustee: Marketable securities P300,000; Inventories P110,00; Land P150,000; Building P400,000. Marketable securities have present market value of P320,000. These securities have been pledged to secure notes payable of P280,000. The estimated worth of inventories of P70,000. However, inventories with book value of P50,000 have been pledged to secure notes payable of P60,000. The realizable value of the inventories pledged estimated to be P40,000. The land and building are estimated to have a total realizable value of P450,000. This property was pledged to secure the mortgage payable of PP250,000. What is the amount available for preferred claims and unsecured creditors out of assets pledged with fully secured creditors?At the end of the year of 2019, Barney BarN Inc. has atotal assets of P 8, 435,969 and total liabilities of P 2,561, 367. During the year of 2019, assets increased by P 482,463 while liabilities decreased by P163,469. What is the amount of capital at the beginning of2019?
- Presented here are long-term liability items for Shamrock, Inc. at December 31, 2022. Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $720,000 VI 75,000 22,000 Prepare the long-term liabilities section of the balance sheet for Shamrock, Inc. SHAMROCK, INC. Balance Sheet (Partial)At the end of the year of 2019, Red Barney Inc. has atotal assets of P 10, 556,964 and total liabilities of P4, 613, 376. During the year of 2019, assets increased by P 692,564 while liabilities decreased by P 362,879. What is the amount of capital at the beginning of2019?GALLAGHER CORPORATION Income Statement For the Year Ending December 31, 2021 Sales revenue 950,000 Less: Cost of Goods Sold 600,000 Gross Profit 350,000 Less Operating Expenses 250,000 100,000 Income from Operations Other revenues and expenses 15,000 (3,000) Gain on sale of investments Loss on sale of equipment 12,000 Income before taxes 112,000 Income taxes 45,000 Net Income $ 67,000 Additional Information 1. Equipment costing $10,000 was sold and was 60% depreciated. New equipment was also purchased during the year 2. Cash dividends were declared and paid. 3. Common stock was exchanged for Land. 4. Debt investments costing $35,000 were sold during the year. New debt investment were purchased during the year for $5,000. 5. Accounts receivable are shown net of the allowance for doubtful accounts, because there were no account write-offs during the year. 6. Operating expenses include: Depreciation Expense, $21,000, Amortization Expense, and Interest Expense, $3,300 Instructions: 1.…