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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Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. es Required 28 Required 28 General Interest at Maturity Required 1 Required 2A Journal Use those calculated values to prepare your entry to record payment of the note at maturity. (Uee 360 days a year Round final answers to the nearest whole dallar.) View transaction llst View journal entry worksheet Debit Credit General Journal No Event A Interest expense Interest payable < Required 2B Interest at Maturity < Prey 2 of 2 Next
%24 Current Liabilities Bon Nebo Co. sold 12,000 annual subscriptions of Bjorn for $45 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $340,000 during the first calendar quarter of 20Y6. The federal tax rate is 35%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the " nt liabilities" section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 20Y6 Current liabilities: Advances on magazine subscriptions $ Federal income taxes payable Total current liabilities
Problem 6 Luna Company discounted its own 2-year P500,000 12% interest bearing note at the bank onSeptember 1, 2020. The note was dated August 1, 2020. The discount rate was 15%. Preparethe journal entries relating to the said note starting September 1, 2020 until its payment.
Question 22 You have taken a loan of $63,000.00 for 36 years at 5.5% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest Balance 0) $63,000.00 1) S $ S $ 2) $ S $ 3) $ S $
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Current Attempt in Progress On July 1, 2021, Swifty Satellites Corporation issued $1,400,000 of 10-year, 9% bonds to yield a market interest rate of 8%. The bonds pay semi-annual interest on July 1 and January 1. Swifty has a December 31 year end and records adjusting entries annually. Swifty received $1,495,137 when issuing the bonds. Click here to view the factor table. (a) Prepare an amortization table through January 1, 2023 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.) SWIFTY SATELLITES CORPORATION Bond Premium Amortization Semi- annual interest Interest Expense to be Unamortized A 712 28 44 F10 FII 染, 000 F4 F9 F7 FB F5 F1 F2 F3
Question 7 of 17 -/ 1 View Policies Current Attempt in Progress On January 1, Marigold Corp. issued $4200000, 9% bonds for $3895000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Marigold uses the effective-interest method of amortizing bond discount. At the end of the first year, Marigold should report unamortized bond discount of O $266050. O $282500. O $263000. O $293500. Save for Later Attempts: 0 of 1 used Submit Answer MacE
Exercise 7-11A (Algo) Accounting for a line of credit LO 7-6 Colson Company has a line of credit with Federal Bank. Colson can borrow up to $438,000 at any time over the course of the calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of the year. Colson agreed to pay interest at an annual rate equal to 2.50 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Colson pays 6.25 percent (3.75 percent + 2.50 percent) annual interest on $79,400 for the month of January. Month January February March April Amount Borrowed or (Repaid) $ 79,400 120, 100 (17,700) 33,400 Prime Rate for the Month 3.75% 2.75 3.25 3.75 Required. a. Compute the amount of interest that Colson will pay on the line of credit for the…
Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .
Duval Co. issues four-year bonds with a $107,000 par value on January 1, 2019, at a price of $102,920. The annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. Exercise 10-7 Part 1 1. Prepare a straight-line amortization table for these bonds. (Round your answers to the nearest dollar amount.) Semiannual Unamortized Carrying Value Period-End Discount 1/01/2019 6/30/2019 12/31/2019 6/30/2020 12/31/2020 6/30/2021 12/31/2021 6/30/2022 12/31/2022
Exercise 10-7 (Static) Straight-Line: Amortization table and bond interest expense LO P2 Skip to question [The following information applies to the questions displayed below.] Duval Company issues four-year bonds with a $100,000 par value on January 1, 2021, at a price of $95,952. The annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31. Exercise 10-7 (Static) Part 3 3. Prepare the journal entry for maturity of the bonds on December 31, 2024 (assume semiannual interest is already recorded).
Face value (principal) $ TABLE 7-1 50,400 Day of month 1 2 3 4 Rate of interest 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28 29 30 31 31 Jan. 9% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Exact days-in-a-year calendar (excluding leap year)" Length of note 90 days 28 Feb. 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 31 Mar. 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 30 Apr. Maturity value 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 31 May 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 30 31 31 30 June July Aug. Sept. 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 Date of note January 12 189 190 191…