Please solve and show work. Presented here are liability items for Shamrock Inc. at December 31, 2025.Accounts payable$172,700FICA taxes payable$8,580Notes payable (due May 1, 2026)22,000Interest payable44,000Bonds payable (due 2029)990,000Notes payable (due 2027)88,000Unearned rent revenue264,000Income taxes payable3,850Discount on bonds payable45,100Sales taxes payable1,870Prepare the liabilities section of Shamrock's balance sheet.SHAMROCK INC.Balance sheet (Partial)"$

Current LiabilitiesAccounts Payable = $172,700FICA Taxes Payable = $8,580Notes Payable (due May 1,…

Answered: Presented here are liability items for…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
Marmol Corporation uses the allowance method for bad debts. During 2019, Marmol charged 50,000 to bad debt expense and wrote off 45,200 of uncollectible accounts receivable. These transactions resulted in a decrease in working capital of: a. 0 b. 4,800 c. 45,200 d. 50,000
Presented here are liability items for Marin Inc. at December 31, 2017. Accounts payable $180,550 FICA taxes payable $8,970 Notes payable (due May 1, 2018) 23,000 Interest payable 46,000 Bonds payable (due 2021) 1,035,000 Notes payable (due 2019) 92,000 Unearned rent revenue 276,000 Income taxes payable 47,150 Sales taxes payable 4,025 Discount on bonds payable 1,955 Prepare the liabilities section of Marin's balance sheet. MARIN INC. Balance Sheet (Partial) December 31, 2017 Current Liabilities Accounts Payable Notes Payable Unearned Rent Revenue FICA Taxes Payable Interest Payable Income Taxes Payable Sales Taxes Payable Total Current Liabilities Long-term Liabilities Bonds Payable Less Discount on Bonds Payable Notes Payable Total Long-term Liabilities Total Liabilities
Aloha Company provided the following information on December 31, 2020: Carrying amount Tax base Accounts receivable 1,500,000 1,750,000 Motor vehicle 1,650,000 1,250,000 Provision for warranty 120,000 0 Deposits received in advance 150,000 0 The depreciation rates for accounting and taxation are 15% and 25% respectively. The deposits are taxable when received and warranty costs are deductible when paid. An allowance for doubtful accounts of P250,000 has been raised against accounts receivable for accounting purposes but such accounts are deductible only when written off as uncollectible. The entity showed accounting income before tax of P8,000,000 for 2020. The income tax rate is 30% Thre are no temporary differences at the beginning of the current year: Required:…
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Sprite Company had the following liabilities at December 31, 2019:Trade accounts payable, net of debit balances totaling P65,000 in supplier’saccounts P1,125,000Accrued expenses 136,000Interest payable 96,000Income tax payable 150,000Mortgage payable due in equal annual instalments until October 31, 2024 750,000Share dividends declared but not yet issued 300,000Notes payable (due on January 1, 2021) 250,000 How much is the total current liabilities of Sprite to be shown on its December 31, 2019 statement of financial position?a. P1,722,000 c. P2,207,000b. P1,272,000 d. P2,022,000
The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts payable-P550,000; 12% notes payable-P800,000; Employees' income taxes payable-P6,500.
The accounting income (loss) figures for Flounder Corporation are as follows: 2018 $162,000 2019 246,000 2020 84,000 2021 (162,000) 2022 (385,000) 2023 140,000 2024 156,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2018 and 2019, and a 25% tax rate for the remaining years. Prepare the journal entries for each of the years 2020 to 2024 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Flounder uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Year Account Titles and Explanation Debit…
On June 30, 2024, Concord Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable $45,500 3,180 El payable 1,152 Sales tax payable 5,900 Employee income tax payable 5,530 The following selected transactions occurred during the month of July: July 1 2 6 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $13,000. Interest is due at maturity. Provided services for customers worth $18,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $35,030 that also includes 13% HST. The cost of goods sold was $26,000. Concord uses a perpetual inventory system. 10 Remitted $5,900 HST pertaining to sales tax collected in June. 15 Remitted $9,862 to the government for amounts owing from the June payroll for employee payroll deductions of $7,600 (CPP $1,590, El $480, and employee income tax $5,530) and for employee benefits of $2,262 (CPP $1,590 and El $672). 24 Paid…
Ajam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000 102,000 Accounts Payable Wages Payable Accumulated Depreciation – Machinery Income Taxes Payable Note Payable, due May 15, 2021 Note Payable, due November 30, 2019 Mortgage Payable 69,000 92,000 108,000 64,000 320,000 71,000 Accounts Receivable Note: $240,000 of the mortgage payable balance is due one year beyond the balance sheet date; the remainder will be paid within the next 12 months. Required: Prepare the liability section of Ajam's March 31, 2019 balance sheet.
On January 1, 2022, the ledger of Vaughn Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 12 During January, these selected transactions occurred. 14 20 21 $57,000 25 8,400 16,500 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue) Paid state revenue department for sales taxes collected in December 2021 ($8,400). Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $22,500 from Girard Bank on a 3-month, 8 %, $22.500 note. Sold merchandise for cash totaling $9,288, which includes 8% sales taxes.
Multiple Company had the following liabilities on December 31, 2021:Accounts payable after deducting debit P 500,000balances in supplier’s accounts of P100,000 Accrued liabilities 150,000Note payable – due March 31, 2022 1,000,000Note payable – due May 1, 2022 800,000Bonds payable – due December 31, 2023 2,000,000On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022. 1. Compute the total non-current liabilities as of December 31, 2021 2. Compute the total current liabilities as of December 31, 2021

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