West Coast Trading paid $36,000 annual insurance premium on October 1, I, 2023. Calculate the unexpired insurance expense as of December 31, 2023.
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Calculate the unexpired insurance expense. (financial accounting)
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- Constellation Corp. reported the following liability balances on December 31, 2021: 10% note payable issued on October 1, 2020, maturing October 1, 2022... 12% note payable issued on March 1, 2020, on March 1, 2022.... .P 2,000,000 4,000,000 The 2021 financial statements were issued on March 31, 2022. Under the loan agreement, the entity has the right on December 31, 2021 to roll over the 10% note payable for at least 12 months after December 31, 2021. On March 1, 2022, entire P 4,000,000 balance of the 12% note payable was refinanced through issuance of a long-term obligation payable lump-sum. What amount of the notes payable should be classified as current on December 31, 2021?Refer to the following list of liability balances at December 31, 2019. Accounts Payable Employee Health Insurance Payable Employee Income Tax Payable Estimated Warranty Payable (Due 2020) Long-Term Notes Payable (Due 2022) FICA OASDI Taxes Payable Sales Tax Payable Mortgage Payable (Due 2023) Bonds Payable (Due 2024) OA. $40,000 B. $105,000 C. $49,000 te to O D. $96,000 $20,000 850 1,100 1,300 40,000 1,260 570 9,000 56,000Refer 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
- Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019What is the total amount of current liabilities?? General accountingthe colson company issued $300 000 of 10 bonds on january 1 2020. the bonds are due january 1 2025 with interest payable each july 1 and january 1. the bonds are issued at face value. prepare colons journal entries for (a) the january insurance (b) the july 1 interest payment, and (c) the december 31 adjusting entry.
- 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…Crane Corporation issued 2,100, 9%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. prepare the adjusting journal entry on December 31, 2020, to record interest expense. what is the account title and explanation? what is debit or credited?Entity A has the following liabilities as of December 31, 2021. a. Trade accounts payable, net of debit balance in supplier's account of P10,000, net of unreleased checks of P8,000, and net of postdated checks of P4,000 P600,000 b. Credit balance in customers’ accounts 4,000 c. Financial liability designated at FVPL 100,000 d. Bonds payable maturing in 10 equal annual installments of P200,000 2,000,000e. 12%, 5-year note payable issued on Oct. 1, 20x1 200,000 f. Deferred tax liability 10,000 g. Unearned rent 8,000 h. Contingent liability 20,000 i. Reserve for contingencies 50,000 j. Income taxes withheld from employees 50,000 k. Cash in bank at Siniloan Bank 352,000 l. Cash overdraft at Famy Bank 60,000m. Estimated premium claims outstanding 70,000n. Claims for increase in wages covered in a pending lawsuit 190,000 Requirement: How much is the total current liabilities? a. 2,430,000 c. 968,000 b. 1,120,000 d. 940,000
- 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.What is the total amount of current liabilities??The following account balances are available from ABRA Company at December 31, 2022: Accounts Payable – P25,000 Cash Surrender Value of Life Insurance – P29,000 Mortgage Payable (including P200,000 due in six months) – P1,200,000 Notes Payable, 10% (due on January 1, 2025) – P1,500,000 Premium on Notes Payable – P25,000 Ordinary Share, P100 par value – P1,000,000 Ordinary Share Premium – P250,000 Preference Share, P200 par value – P450,000 Dividends Declared - P250,000 Profit and Loss Summary, credit balance – P500,000 Retained Earnings (January 1, 2022) – P550,000 How much is the Current Liabilities at December 31, 2022?
