Presented here are liability items for Marin Inc. at December 31, 2017.Accounts payable$180,550 FICA taxes payable$8,970Notes payable (due May 1, 2018)23,000 Interest payable46,000Bonds payable (due 2021)1,035,000 Notes payable (due 2019) 92,000Unearned rent revenue276,000 Income taxes payable47,150 Sales taxes payable4,025Discount on bonds payable1,955Prepare the liabilities section of Marin's balance sheet.MARIN INC.Balance Sheet (Partial)December 31, 2017Current LiabilitiesAccounts PayableNotes PayableUnearned Rent RevenueFICA Taxes PayableInterest PayableIncome Taxes PayableSales Taxes PayableTotal Current LiabilitiesLong-term LiabilitiesBonds PayableLessDiscount on Bonds PayableNotes PayableTotal Long-term LiabilitiesTotal Liabilities

Liability are the obligations which the business entrepreneur has to pay obligations which are…

Answered: Presented here are liability items for…

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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Similar questions

Cryer, Inc. has a $45,000,000 note payable on its balance sheet as of 12/31/19, of which $6,000,000 is due in 2020. Cryer will report the liability as what on its 12/31/19 balance sheet: O A $6,000,000 current liability and a $45,000,000 long-term liability O A $45,000,000 long-term liability O A $45,000,000 current liability O A $6,000,000 current liability and a $39,000,000 long-term liability
Twice KPOP Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years P1,500,000 Accounts receivable, after deducting credit balances of customers’accounts amounting to ₱42, 500 P150,000 Required: Compute for the Current liabilities as of December 31, 2021
The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note payable of 14% interest. The company uses the accounting period on a quarterly basis. Required: Prepare the journal entries needed to record the issuance of the debt, recognize interest expense, and pay off the debt as it matures. Note: Include the current method of processing and the excel formula
Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 5% View transaction list Additional information: a. $11,800 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $136,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $150,000 given similar cases in the industry. c. During December, Mackenzie had sales of $720,000. 5% of sales typically require warranty work equal to 25% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,500 of the Unearned Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15, 2023. No 1 $ 6,560…
Included in Sauder Corp.'s liability account balances at December 31, 2009 were the following: 1. 7% note payable issued October 1, 2009, maturing September 30, 2010 in the amount of $250,000 2.8% note payable issued April 1, 2009, payable in six equal annual installments of $150,000 beginning April 1, 2010 in the amount of $600,000 Sauder's December 31, 2009 financial statements were issued on March 31, 2010. On January 15, 2010, the entire $600,000 balance of the 8% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2010, Sauder consummated a noncancelable agreement with the lender to refinance the 7%, $250,000 note on a long term basis, on readily determinable terms that have not yet been implemented On the December 31, 2009 balance sheet, the amount of the notes payable that Sauder should classify as short-term obligations is: $0 O $50,000 $125.000 $175.000
Refer to the following list of liability balances t December 31, 2024. $23,000 Accounts Payable Employee Health Insurance Payable Employee Income Tax Payable Estimated Warranty Payable (Due 2025) Long - Term Notes Payable (Due 2028) FICA-OASDI Taxes Payable Sales Tax Payable 450 1,100 1,000 38.000 660 870 Mortgage Payable (Due 2029) Bonds Payable (Due 2030) Current Portion of Long - Term Notes Payable 8,000 53,000 11,500 What is the total amount of current liabilities? O A. $27,080 O B. $38,580 OC. $25,980 OD. $24,980
Included in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts Payable $243,100, Pension Liability $378,400, Discount on Bonds Payable $34,200, Unearned Rent Revenue $50,800, Bonds Payable $406,100, Salaries and Wages Payable $28,700, Interest Payable $13,060, and Income Taxes Payable $37,400.Prepare the long-term liabilities section of the balance sheet.
Greener Pastures Corporation borrowed $1,950,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022. (a) The note issued on November 1. (b) The interest accrual on December 31. Indicate the effects of the amounts for the above transactions.
The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note payable of 14% interest. The company uses the accounting period on a quarterly basis. Required: Prepare the journal entries needed to record the issuance of the debt, recognize interest expense, and pay off the debt as it matures. Note: Include the current method of processing and the excel formula
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
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.
Dineshbhai

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