None Refer to the following fat of liability balances of December 31, 2017.Accounts payable$22,000Employee health insurance payable$650Employee income tax payable$800Estimated warranty payable$1,500Long-term notes payable (Due 2021)$42,000FICA-OASDI taxes payable$1,160Sales tax payable$570Mortgage payable (Due 2022)$12,000Bonds payable (Due 2023)$63,000Current portion of long-term notes payable $12,500What is the total amount of current liabilities?A. $24,380B. $39,180C. $25,880D. $26,680

Step 1: Define Current LiabilityCurrent liability can be defined as the amount which our company is…

Answered: Refer to the following fat of liability…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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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
What is the total amount of current liabilities?
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
Sandhill Industries, Inc. reports the following liabilities (in thousands) on its January 31, 2025 balance sheet and notes to the financial statements. Accounts payable $3,220.9 Accrued pension liability-long-term 1,425.2 Property taxes payable 1,368.1 Bonds payable 2,171.2 Current portion of long-term debt 2,202.2 Income taxes payable 245.2 Notes payable-long-term 9,456.7 Mortgage payable 445.6 Federal income taxes payable 568.1 Salaries and wages payable 2,772.6 Unused operating line of credit 3,547.6 Warranty liability-current 1,827.3 Prepare the liabilities section of Sandhill's balance sheet at January 31, 2025. (Round answers in thousands to 1 decimal place, e.g. 52.7.) Current Liabilities Accounts Payable Property Taxes Payable Current Portion of Long-Term Debt Income Taxes Payable Federal Income Taxes Payable Salaries and Wages Payable Warranty Liability Total Current Liabilities Long-term Liabilities Bonds Payable Accrued Pension Liability Notes Payable Mortgage Payable Total…
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Current Attempt in Progress Presented here are liability items for O'Brian Inc. at December 31, 2022. Accounts payable Notes payable (due May 1, 2023) Bonds payable (due 2026) Unearned rent revenue Discount on bonds payable $157,000 20,000 900,000 240,000 41,000 FICA taxes payable Interest payable Notes payable (due 2024) Income taxes payable Sales taxes payable Prepare the liabilities section of O'Brian's balance sheet. $7,800 40,000 80,000 3,500 1,700 O'BRIAN INC. Balance Sheet (Partial) GA
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.
Presented here are liability items for kingbird inc.at December 31,2022 accounts payable 251200 notes payable (due may 1 2023) 3200 bonds payable (due 2026) 1440000 unearned rent revenue 384000 discount on bonds payable 65600 fica 12480 interest payable 64000 notes payable (due 2024) 128000 income taxes payable 5600 sales taxes payable 2720 prepare the liabilities section of kingbird's balance sheet
Mackenzie Corp. is preparing the December 31, 2020, year-end financial statements, Following are selected unadjusted account balances: Estimated warranty liability Income tax expense $ 6,510 120 day note payable, 5% Unearned revenues S 85, 000 301,000 6,900 124, 300 Mortgage payable, 6% 456,000 Narranty expense Additional information: a. $11.300 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 $131,040. 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 $145,000 given similar cases in the industry. c. During December, Mackenzie had sales of $715,000. 4% 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. $112,000 of the Unearned Revenues remain unearned at…
Hensley, Inc. reports the following liabilities (in thousands) on its January 31, 2020, balance sheet and notes to the financial statements. Accounts payable$3,463.9 Accrued pension liability1,215.2 Taxes payable1,951.4 Bonds payable1,961.2 Current portion of long-term debt1,992.2 Notes payable—long-term9,246.7 Operating leases1,641.7 Mortgage payable435.6 Salaries and wages payable2,563.6 Unused operating line of credit3,337.6 Warranty liability— current1,617.3 Instructions Prepare the liabilities section of Hensley's balance sheet as at January 31, 2020.
On November 1, 2021, Ayayal Corp, which uses a calendar year as its fiscal year, signs a $28200, 8 %, six-month note payable. Which of the following entries correctly records the payment of the note and entire interest on May 1, 2022? O Dr Notes Payable $28200 Dr Interest Expense 752 Dr Interest Payable 376 Cr Cash $29328 O Dr Notes Payable $30456 Cr Cash $30456 O Dr Notes Payable $29328 Cr Cash $29328 O Dr Notes Payable $28200 Dr Interest Expense 1128 Cr Cash $29328 Multi Que Multi Que Ques Multip Ques Multip Ques Multipl
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, 6% $ 6,590 133,100 480,000 120-day note payable, 5% Unearned revenues Warranty expense $ 93,000 309,000 7,700 Additional information: a. $12,100 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 $139,040. 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 $153,000 given similar cases in the industry. c. During December, Mackenzie had sales of $723,000. 6% of sales typically require warranty work equal to 15% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,800 of the Unearned Revenues remain unearned at…

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