Janson Corporation Co.'s trial balance included the following account balance at December 31, 2013: Accounts payable: $25,000 Bond payable, due 2022: $22,000 Salaries payable: $16,000 Note payable, due 2014: $20,000 Note payable, due 2018: $40,000 What amount should be included in the current liability section of Janson's December 31, 2013, balance sheet? a. $63,000 b. $41,000 c. $61,000

Janson Corporation Co.'s trial balance included the following account balance at December 31, 2013: Accounts payable: $25,000 Bond payable, due 2022: $22,000 Salaries payable: $16,000 Note payable, due 2014: $20,000 Note payable, due 2018: $40,000 What amount should be included in the current liability section of Janson's December 31, 2013, balance sheet? a. $63,000 b. $41,000 c. $61,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

See similar textbooks

Similar questions

The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…
Upham Company’s June 30, 2019, balance sheet included the following information: Upham Company Partial Balance Sheet June 30, 2019 1 Accounts Receivable $241,000.00 2 Less: Allowance for Doubtful Accounts (14,200.00) $226,800.00 3 Notes Receivable 20,600.00 4 Total Receivables $247,400.00 5 *The company has a recourse liability of $2,300 for notes receivable sold with recourse. During the company’s fiscal year ending June 30, 2020, the following transactions occurred: 1. Sales on credit $870,800 2. Collections of accounts receivable 844,200 3. Accounts receivable written off as uncollectible 13,500 4. Customer notes received in payment of accounts receivable 72,500 5. Notes receivable collected 26,000 6. Notes receivable, previously sold with recourse, were paid at maturity. The associated recourse liability for this note is $700. 34,000 7. Notes receivable were defaulted…
Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Presented here are liability items for kingbird inc.at December 31,2022 accounts payable 251200 notes payable (due may 1 2023) 3200 bonds payable (due 2026) 1440000 unearned rent revenue 384000 discount on bonds payable 65600 fica 12480 interest payable 64000 notes payable (due 2024) 128000 income taxes payable 5600 sales taxes payable 2720 prepare the liabilities section of kingbird's balance sheet
Sandhill Corporation's adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $101,750, Accounts Payable $77,800, Notes Payable (due in 90 days) $24,350, Salaries and Wages Payable $4,900, and Income Taxes Payable $8,730. Prepare the current liabilities section of the balance sheet.
MC21. Bay Corporation trial balance included the following account balances at December 31, 2021: Accounts payable - P4,500,000; Bonds payable, due December 31, 2022 P7,500,000; Discount on bonds payable - P900,000; Notes Dividends payable on January 31, 2022 - P2,400,000; payable due January 31, 2025 - P6,000,000. How much is included in the current liabilities section of Bay Corporation's December 31, 2021 statement of financial position?
can you show me how to solve this problem for accounting? Presented here are long-term liability items for Metlock, Inc. at December 31, 2022. Bonds payable (due 2026) $660,000 Notes payable (due 2024) 90,000 Discount on bonds payable 28,000
Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in 90 days) $22,500, Salaries and Wages Payable $4,000, and Income Taxes Payable $7,000. Prepare the current liabilities section of the balance sheet.
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing’s 2021 financial statements were issued on April 1, 2022. Accounts receivable $ 107,000 Accounts payable 36,800 15% notes, payable to bank 630,000 Mortgage note payable 1,460,000 Other information: The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 15%, payable at maturity. The mortgage note is due on March 1, 2022. Interest at 14% has been paid up to December 31 (assume 14% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing paid $477,500 in cash on the principal balance and refinanced the remaining $982,500. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been…
5. Included in Levis Corporationn’s liability account balances at December 31,2018, were the following: 14% note payable issued Oct 1,2017, maturing September 30,2019 1,250,000 16% note payable issued April 1,2016, due on April 2019 2,000,00 On December 31,2018, the company expects to refinance the P2,000,00 by the issuance of a long term note payable in lumpsum. The refinancing of the P2,000,00 is at the discretion of the enterprise. Levis Decemebr 31,2018 financial statements were issued on March 31,2019. On Jan 15,2019, the entire P2,00,000 balance of the 16% note was refinanced by issuance of a long term obligation payable. On December 31,2018 balance sheet, what amount of the notes payable should Levis classify as Long term obligation?
Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1. Notes payable, $25,000,000, due June 30, 2021. 2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000. 3. Salaries and wages payable, $3,750,000, due January 14, 2021. Instructions Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.
At December 31, 2020, Stellar Corporation has the following account balances: Bonds payable, due January 1, 2029 Discount on bonds payable Interest payable $1,900,000 102,000 # 92,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications. (Enter account name only and do not provide descriptive information.) Stellar Corporation Balance Sheet (Partial) $ tA