Liabilities and Owner's Equity24>> The following items were taken from the financial statements of P. Oriole Company. (All amounts are in thousands.)Long-term debt$ 900Accumulated depreciation-equipment$5.300Prepaid insurance940Accounts payable1,700Equipment12,000Notes payable (due after 2021)500Stock investments (long-term)200Owner's capital14.640Debtinvestments (short-term)4,200Accounts receivable1,700Notes payable (due in 2021)400Inventory2,000Cash2,400Prepare a classified balance sheet in good form as of December 31, 2020. (List Current Assets in order of liquidity. Enter amounts inthousands.)P. ORIOLE COMPANYBalance Sheet(in thousands)Assets24>

A classified balance sheet is a statement that is divided into categories such as current assets and…

Answered: Long-term debt $ 900 Accumulated…

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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The following transactions pertain to the general borrowings made during 2021 by Owshi Company in connection with the construction of the company’s new warehouse: • 8% bank loan- $2,400,000 • 6% short-term note- $1,600,000 • 8% long-term note- $2,000,000 The construction started on January 1, 2021 and the warehouse was completed on December 31, 2021. Expenditures on the warehouse were as follows: • January 1- $400,000 • March 31- $1,000,000 • June 30- $1,200,000 • September 30- $1,000,000 • December 31- $400,000 How much is the capitalizable borrowing cost of Owshi Company?
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
Subject : Accounting
What amount of interest is capitalized on December 31, 2020? A. P1,200,000 B. P1,000,000 C. P600,000 D. P400,000
Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
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Problem 1-10 (AICPA Adapted) Able Company had the following amounts of long-term debt outstanding on December 31, 2020: 14% note payable, due 2021 11% note payable, due 2023 8% note payable, due in 11 equal annual principal payments, plus interest beginning December 31, 2021 7% guaranteed debentures, due 2022 30,000 1,070,000 1,100,000 1,000,000 Total 3,200,000 The annual sinking fund requirement on the guaranteed debentures is P40,000 per year. What total amount should be reported as current liabilities on December 31, 2020? a. 40,000 b. 70,000 100,000 d. с. 130,000 Problem 1-11 (AICPA Adapted) Achilles Company reported the following liability balances on December 31, 2020: 12% note payable issued on March 1, 2019, maturing on March 1, 2021 10% note payable issued on October 1, 2019, maturing October 1, 2021 5,000,000 3,000,000 The 2020 financial statements were issued on March 31, 2021. On January 31, 2021, the entire P5,000,000 balance of the 12% note payable was refinanced through…
P6-3. Prepare Balance Sheet. Jennings Incorporated provided the following account balances at December 31 for the current year. Account Debit Credit Investments at fair value (trading) $ 340,000 Accounts payable $324,560 Additional paid-in capital 700,000 Dividends payable 35,400 Equipment under capital lease 670,000 Intangible assets–net 123,000 Merchandise inventory 890,125 Income taxes payable 65,000 Cash 187,000
An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years. The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?
Island Solutions started construction of a new office building for its own use at an estimated cost of $5 000 000 on January 1, 2022, and completed the construction on December 31, 2022. i During the year of construction (2022) the company had outstanding the following debt obligations. ii. Specific Construction Debt: $2 000 000 12% note issued December 31, 2021. Interest payable semi-annually iii. Other Debt: $1 400 000 10% short-term loan. Interest payable monthly and principal payable at maturity on May 30, 2023, $1 000 000 11% long-term loan. Interest payable on January 1 of each year and principal payable at maturity on January 1, 2025 Total expenditures - $5 200 000 Weighted average accumulated expenditures - $3 500 000 One of the accounting interns on the other team having reviewed the statement of financial position commented that it just did not make any sense, this ’avoidable interest’. Isn’t all interest unavoidable? No one lends money without expecting to be compensated for…
Net income $70,000, tax rate 25%, and loss from discontinued operations net of tax $5,000. Compute the income before income tax. Your answer This is a required question During 2021, Kamal Co. incurred average accumulated expenditures of $400,000 during construction of assets that qualified for capitalization of interest. The company has two debts outstanding during 2021. the first is a $500,000, 10%, 5- year note payable dated January 1, 2019. the second is a specific construction debt of $300,000, 8%, 3-year note payable dated September 1, 2020. 1- compute the amount of actual interest during 2021. 2- compute the amount of avoidable interest during 2021. Your answer This is a required question

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Long-term debt $ 900 Accumulated depreciation-equip Prepaid insurance 940 Accounts payable Equipment 12,000 Notes payable (due after 2021) Stock investments (long-term) 200 Owner's capital Debt investments (short-term) 4,200 Accounts receivable