QS 9-1 Classifying liabilities LO C1 Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Portion of long-term note due in 10 months. Note payable maturing in 2 years. Note payable due in 18 months. Accounts payable due in 11 months. OFICA taxes payable. Salaries payable. E

QS 9-1 Classifying liabilities LO C1 Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Portion of long-term note due in 10 months. Note payable maturing in 2 years. Note payable due in 18 months. Accounts payable due in 11 months. OFICA taxes payable. Salaries payable. E

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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Problem 1 In 2020, Plumpton Company started selling new computer that carried a 2-year warranty against defects Based on the manufacturer's recommendations, the entity estimated warranty cost as a percentage of sales. First year of warranty Second year of warranty 3% 9% Sales and actual warranty repairs are as follows: Sales Actual warranty repairs 2020 P5.000.000 100.000 2021 P7.000.000 250.000 1. How much is the warranty expense for 2020? 2. How much is the estimated warranty liability for 2021 ?
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Question 6 Flyzopen Limited had a $900 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $150,000 15,000 10,000 7,000 10,000 $192.000 Uncollectible 1% 2% 6% 12% 30% Required: (a) Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. (b) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $900 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. 2
43 _________________ is a written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer. a. Short-term note payable b. Short- term notes receivables c. Long-term note receivables d. Long-term notes payable
QS 17-4 (Algo) Horizontal analysis LO P1 Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) Short-term investments Accounts receivable Notes payable Percent Change: = Short-term investments Accounts receivable Notes payable $ Current Year Prior Year $ 377,232 99,828 0 $ 236,026 103,326 90,624 Horizontal Analysis - Calculation of Percent Change Numerator: Current Year 377,232 $ 99,828 0 Prior Year 236,026 103,326 90,624 Denominator: Dollar Change Percent Change % % %
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Winett Corporation is considering an investment in special-purpose equipment to enable the company to obtain a four-year municipal contract. The equipment costs $222,000 and would have no salvage value when the contract expires at the end of four years. Estimated annual operating results of the project are as follows. Revenue from contract sales. Expenses other than depreciation Depreciation (straight-line basis) Increase in net income from contract work $211,000 55,500 All revenue and all expenses other than depreciation will be received or paid in cash in the same period as recognized for accounting purposes. Compute the following for Winett's proposal to undertake this contract. a. Payback period b. C. a. Payback period. b. Return on average investment. (Round your percentage answer to 1 decimal place (i.e., 0.123 to be entered as 12.3).) c. Net present value of the proposal to undertake contract work, discounted at an annual rate of 10 percent. (Refer to the annuity table in…
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mid term q1 (1).jpg 8°C Partly sunny 2021 QS 10-2 Current portion of long-term debt LO1 On January 1, 2020, La Petite Macaron, a local French bakery, borrowed $84,000 from the bank. Interest is calculated at the rate of 4% and the term of the note is four years. Four equal annual payments will be made in the amount of $23,141 each December 31. The payment schedule is shown below: 2022 Year Annual Payment Principal Portion of Payment Interest Portion of Payment Principal Balance at Year-End 2020 $19,781 $3,360 $64,219 20,572 2,569 43,647 21,395 22,252 22,252 2023 $23,141 23,141 23,141 23,141 e Show how La Petite Macaron will show the note on its year-end balance sheet: 1. December 31, 2020 2. December 31, 2021 H Q Search : 444 hp 1,746 889 6 -0- Q 100% ENG IN 23:48 05-11-2023 0 pa dn
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