# WooHoo Company's Liabilities Section of Balance Sheet## Selected Accounts from Adjusted Trial Balance for Year Ended December 31### Accounts and Balances:- **Notes Payable (due in 5 years):** $5,200- **Accounts Payable:** $1,600- **Bonds Payable (due in 10 years):** $12,200- **Machinery:** $6,700- **Discount on Bonds Payable:** $1,500 (to be deducted)- **Wages Payable:** $750- **Interest Payable (due in 2 weeks):** $375- **Sales Tax Payable:** $325### Instructions:Prepare the liabilities section of the classified balance sheet. Amounts to be deducted should be indicated with a minus sign.### Balance Sheet Structure:#### WooHoo Company**Liabilities Section of Balance Sheet** **December 31**1. **Current Liabilities:** - [Line for entries] - [Line for entries] **Total Current Liabilities:** - [Line for total]2. **Long-term Liabilities:** - [Line for entries] - [Line for entries] **Total Long-term Liabilities:** - [Line for total]### Diagram Explanation:The image contains a template for the liabilities section of a balance sheet. It includes spaces to input current and long-term liabilities along with their respective totals. The section is organized to show clear categorization and calculation of total liabilities.

Liabilities Section of classified balance sheet Liabilities due and payable within one year are…

Answered: Selected accounts from WooHoo Company's…

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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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley issued $24,200,000 of five-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $26,114,936. Interest is payable semiannually on April 1 and October 1. Required: a. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording of account titles. 1. Issuance of bonds on April 1, Year 1. 2. First interest payment on October 1, Year 1, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.) b. Explain why the company was able to issue the bonds for $26,114,936 rather than for the face amount of $24,200,000. Chart of Accounts CHART OF ACCOUNTS Smiley Corporation General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes…
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On Jan 1, Luther Co issued at $1,000,000, 8%, 5 years installment note payable. The first note payment consist of $250,456 principal plus interest due on January 1 of the next year. Show the account and amount and when it will appear on a classified balance sheet prepared on Dec. 31. Partial Balance Sheet Current Liabilities $ $ Long-term liabilities $
Entries for Installment Note Transactions On January 1, Year 1, Wedekind Company issued a $66,000, 4-year, 8% installment note to Shannon Bank. The note requires annual payments of $19,927, beginning on December 31, Year 1. Journalize the entries to record the following: Year 1 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $5,280 and principal of $14,647. Year 4 Dec. 31 Paid the annual payment on the note, including $1,476 of interest. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. Year 1, Jan. 1 Paid the annual payment on the note, which consisted of interest of $5,280 and principal of $14,647. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31 12:09
Issuer Co. issued bonds on January 1, Year 1 for proceeds of $200,000. The stated rate of interest is 4% and the market (effective) rate of interest is 10%. The company has a calendar year end and the bonds pay interest annually on December 31. What will the company record as interest expense on December 31, Year 1?
Subject - account Please help me. Thankyou.
On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 8% x 1/2), receiving cash of $884,177 Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles On the first day of the fiscal year, a company issues an $698,000, 6%, 5-year bond that pays semiannual interest of $20,940 (5698,000 6% 1/2), receiving cash of $656,120 Required: Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles
On the first day of the fiscal year, a company issues a $621,000, 11%, 10-year bond that pays semiannual interest of $34,155 ($621,000 × 11% × 1/2), receiving cash of $652,050. Required: Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds…
The following are data on three promissory notes. Determine the missing amounts. (Round answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) Date of Note Terms Maturity Date Principal (a) April 1 60 days May 31 $842,400 (b) July 2 30 days August 1 100,800 (c) March 7 6 months September 7 129,600 Annual Interest Rate 5 % $ Total Interest 6 ୫୫ 252,720 $504 10 % $ 2,365,200
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.) Date of Note Terms Maturity Date Principal Annual Interest Rate 60 April 1 $810,000 6 % tA $ days 30 July 2 70,800 % days 6 March 7 128,000 10 % $ months Total Interest $590

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