Sandhill Industries, Inc. reports the following liabilities (in thousands) on its January 31, 2025 balance sheet and notes to the financialstatements.Accounts payable$3,220.9Accrued pension liability-long-term1,425.2Property taxes payable1,368.1Bonds payable2,171.2Current portion of long-term debt2,202.2Income taxes payable245.2Notes payable-long-term9,456.7Mortgage payable445.6Federal income taxes payable568.1Salaries and wages payable2,772.6Unused operating line of credit3,547.6Warranty liability- current1,827.3Prepare the liabilities section of Sandhill's balance sheet at January 31, 2025. (Round answers in thousands to 1 decimal place, e.g.52.7.) SANDHILL INDUSTRIES, INC.(Partial) Balance Sheet(in thousands)<<>+A+A+A$

Step 1:The total liabilities are divided into two parts, i.e., current liabilities and long-term…

Answered: Sandhill Industries, Inc. reports the…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 8RE

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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
Metlock, Inc. reports the following liabilities (in thousands) on its December 31, 2022, balance sheet and notes to the financial statements. Accounts payable $4,264.0 Mortgage payable $6,747.0 Unearned rent revenue 1,059.0 Notes payable (due in 2025) 336.0 Bonds payable 1,954.0 Salaries and wages payable 859.0 Current portion of mortgage payable 1,993.0 Notes payable (due in 2023) 2,564.0 Income taxes payable 266.0 Warranty liability—current 1,418.0 Create a balance sheet for the liabilities section of the balance sheet.
Lunar Corp. provided the following information on December 31, 2021: .P 550,000 Accounts payable... Notes payable, 8% unsecured, due on July 1, 2023. Accrued expenses.. 4,000,000 350,000 450,000 Contingent liabilities.. Deferred tax liabilities... Bonds payable, 7% due on December 31, 2022. Premium on bonds payable.... 250,000 5,000,000 500,000 The contingent liability is an accrual for possible loss on a P 1,000,000 lawsuit filed against Solar Corp. The legal counsel expects the suit to be settled in 2022 and has estimated that the entity will be liable for damages in the range of P 450,000 to P 750,000. The deferred tax liability is not related to an asset for financial reporting and is expected to reverse in 2022. What is the total amount of current liability that should be shown in Solar Corp.'s December 31, 2021 statement of financial position? -
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…
What is the total amount of current liabilities?
Refer to the following list of liability balances at December 31, 2018: Accounts Payable $ 13,000.00 Employee Health Insurance Payable $ 450.00 Employee Income Tax Payable $ 400.00 Estimated Warranty Payable $ 600.00 Long-Term Notes Payable (Due 2020) $ 33,000.00 FICA-OASDI Taxes Payable $ 560.00 Sales Tax Payable $ 370.00 Mortgage Payable (Due 2030) $ 6,000.00 Bonds Payable (Due 2021) $ 53,000.00 Current Portion of Long-term Debt $ 3,500.00 What is the total amount of current liabilities? A $ 14,980.00 B $ 14,380.00 C $ 15,380.00 D $ 18,880.00
GE Presented here are long-term liability items for Marin Inc. at December 31, 2022. Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $720,000 78,000 28,000 Prepare the long-term liabilities section of the balance sheet for Marin Inc. MARIN INC. Balance Sheet (Partial) $
Presented here are long-term liability items for Sage Hill Inc. at December 31, 2025. Bonds payable (due 2029) Notes payable (due 2027) Discount on bonds payable $900,000 84,000 21,000 Prepare the long-term liabilities section of the balance sheet for Sage Hill Inc. SAGE HILL INC. Balance Sheet (Partial) $
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #3: The cash paid for insurance premiums during 2020 was Choices; P253,000 P286,000 P244,200 P268,400
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200

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