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 8-2 (with solution/explanation)
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 ?
Quèstion 1 Twenty-five semi-annual deposits are made earning interest of 6% compounded semi-annually. The size of the first deposit is $1200 and the deposits increase at 1% thereafter, B) How much was the accumulated value of the deposits just after the last deposit was made? O A. $48,759.19 • B. $48.689.09 O C.$48,699.99 O D. $48,680.76 O E. $48,780.11
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) Note: Round your answers to the nearest cent. Purchase price of a used car $5,633 By table By formula Down payment $1,203 Monthly Payment Number of monthly payments 48 Amount financed $4,430 Total of monthly payments $5,689.76 Total finance charge $1,259.76 APR 13%
Problem 25 From inception of operations to December 31, 2021, Edulsa Corporation provided for uncollectible accounts receivable under the allowance method. Provisions were made monthly at 2% of credit sales; bad debts written off were charged to the allowance account; recoveries of bad debts previously written off were credited to the allowance account and no year-end adjustments to the allowance account were made. Edulsa Corporation’s usual credit terms are net 30 days. The balance in the allowance for doubtful accounts was P65,000 at January 1, 2021. During 2021, credit sales totaled P4,500,000, interim provisions for doubtful accounts were made at 2% of credit sales, P45,000 of bad debts were written off and recoveries of accounts previously written off amounted of P7,500. Edulsa Corporation installed a computer facility in November 2021 and an aging of accounts receivable was prepared for the first time as of December 31, 2021. A summary of the aging is as follows:…
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
Problem 24Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are:Principal amount 1,500,000Origination fees charged against the borrower 50,000Direct Origination cost incurred 130,150After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required:1. Prepare a table of amortization for the loan receivable.2. Prepare the journal entries for 2020, 2021 and 2022.
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
Question 13 How much principal will be repaid during the first year of end-of-month payments of $760 on a $39,000 loan at 11% compounded monthly? $6,342.20 O $1.254.75 O $7,005.20 O $5.081.11 O$3.055.63
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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23 Business Mathematics II 02 (BINM Group 2) An interest-bearing note for 90 days at 8% p.a. has a face value of $80,000. If the note is discounted 70 days from maturity at a rate of 10% p.a., calculate the amount of proceeds. a. $80,043.01 b. $81,043.01 O C. $70,043.01 Follow Us You are logged in as Gurpreet ASUS