ksk12 Swifty Corporation's adjusted trial balance contained the following liability accounts at December 31, 2025: Bonds Payable (due in 3years) $103,950, Accounts Payable $72,100, Notes Payable (due in 90 days) $23,780, Salaries and Wages Payable $4,530, and IncomeTaxes Payable $8,420.Prepare the current liabilities section of the balance sheet.SWIFTY CORPORATIONBalance Sheet (Partial)<>><>$$SUPPOR

Prepare the partial balance (liability side) as of 31 December 2025 as follows:SWIFTY…

Answered: Swifty Corporation's adjusted trial…

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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Sandhill Corporation's adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $101,750, Accounts Payable $77,800, Notes Payable (due in 90 days) $24,350, Salaries and Wages Payable $4,900, and Income Taxes Payable $8,730. Prepare the current liabilities section of the balance sheet.
Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in 90 days) $22,500, Salaries and Wages Payable $4,000, and Income Taxes Payable $7,000. Prepare the current liabilities section of the balance sheet.
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.
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.
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
10. Powell Corporation includes the following selected accounts in its general ledger at December 31, 2025: View the selected accounts. Prepare the liabilities section of Powell Corporation's balance sheet at December 31, 2025. Plus: Total Liabilities Powell Corporation Balance Sheet (Partial) December 31, 2025 Selected Accounts - ☑ Notes Payable (long-term) 55,000 Bonds Payable (long-term) 215,000 Interest Payable (due next year) Sales Tax Payable $ 780 640 Accounts Payable 20,000 Premium on Bonds Payable 5,950 Salaries Payable 1,840 Estimated Warranty Payable 1,000 Print Done
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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The adjusted trial balance for Sheridan Farm Corporation at the end of the current year contained the following accounts. Interest Payable Lease Liability Bonds Payable, due 2027 Premium on Bonds Payable $8,000 85,600 175,600 28,000 Prepare the long-term liabilities section of the balance sheet. (Enter account name only and do not provide descriptive information.) Sheridan Farm Corporation Balance Sheet (Partial) $ $
Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the balance sheet of Lance Company as a. current liabilities. b. intermediate debt. c. long-term liabilities. d. deferred charges.
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, 5% View transaction list Additional information: a. $11,800 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 $136,040. 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 $150,000 given similar cases in the industry. c. During December, Mackenzie had sales of $720,000. 5% 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. $112,500 of the Unearned Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15, 2023. No 1 $ 6,560…
On January 1, 2022, Vaughn Company, a calendar-year company, issued $1665000 of notes payable, of which $416250 is due on January 1 for each of the next four years. Ignoring interest, the proper balance sheet presentation on December 31, 2022, is O Current Liabilities, $416250; Long-term Debt, $1248750. O Long-term Debt, $1665000. O Current Liabilities, $832500; Long-term Debt, $832500. O Current Liabilities, $1665000.

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