What is the total amount of current liabilities? 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
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
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…
1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191 Deductible VAT = 10.000 TL Debt Remaining 391 Calculated VAT = 8.000 TL Credit Remainder Record the journal (daily book) regarding VAT offset.
BTS Corp. collected P24,700 in interest during 2021. BTS showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BTS Company’s statement of comprehensive income for 2021?
Presented here are long-term liability itema for Marin Inc. at December 31, 2017. Bonds payable (due 2021) $870,000 Notes payable (due 2019) 79,000 Discount on bonds payable 30,000 Prepare the long term labikties section of the balance sheet for Marin inc. MARIN INC. Ralance Sheet (Parta)
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:…
can you show me how to solve this problem for accounting? Presented here are long-term liability items for Metlock, Inc. at December 31, 2022. Bonds payable (due 2026) $660,000 Notes payable (due 2024) 90,000 Discount on bonds payable 28,000
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.

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