What is the total amount of current liabilities?
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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 |
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- 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…Included in Witt Company’s liability account balance at December 31, 2021 were the following: 14% note payable issued October 1, 2020 maturing September 30, 2022 500,000 16% note payable issued April 1, 2019 maturing April 1, 2022 800,000 Witt’s December 31, 2021 financial statements were issued on March 31, 2022. On January 15, 2022, the entire P800,000 balance of 16% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2022, Witt consummated a noncancelable agreement with the lender to refinance the 14%, P500,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement’s provision. On the December 31, 2021 balance sheet, the amount of the notes payable that Witt should classify as current liability isRefer 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
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- Smith Electic (SE) owed Estimated Warranty Payable of $1,100 at the end of 2023. During 2024, SE made sales of $100,000 and expects product warranties to cost the company 5% of the sales. During 2024, SE paid $2,600 for warranties. What is SE's Estimated Warranty Payable at the end of 2024? OA. $2,600 OB. $5,000 O C. $6,100 OD. $3,500On April 1, 2019, Flamengo Co. signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Flamengo Co. maintains its books on a calendar year basis, how much interest expense should be reported in the 2020 income statement? a.$1,000. B.$2,000. C.$4,000. D.$3,000. Which of the alternatives results from the accrual of interest: A.Increase in liabilities and decrease in stockholders' equity. B.Increase in assets and stockholders' equity. C.Increase in assets and liabilities. D.Increase in liabilities and increase in stockholders' equity. Unfortunately, Flamengo Co. is involved in a lawsuit. When would the lawsuit be recorded as a liability on the balance sheet? A.When the loss is probable and the amount can be reasonably estimated. B.When the loss probability is reasonably possible and the amount can be reasonably estimated. C.When the loss is probable regardless of whether the loss can be reasonably estimated. D.When the loss…The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Year 1 2 3 4 Total Beginning Notes Payable 52,000 40,629 28, 235 14,725 Repaid Principal Interest Expense on Notes Payable (a) Annual Payment (b) Interest Expense (c) Notes Payable (d-1) Total Interest (d-2) Total Principal 4,680 3,657 2,541 1,325 12, 203 11,371 12,394 13,510 14,725 52,000 Ending Notes Payable 40,629 28,235 14,725 0 Use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of interest expense to report in the year ended December 31, 2021 (Year 1); (c) the note payable balance at January 1, 2024; and (d) the total interest and total principal paid over the note's entire life. (Round your answers to the nearest whole dollar amount.)
- You [The following information applies to the questions displayed below.] The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay $ 100,000 FICA tax withholdings ?question mark Income tax withholdings 15,150 Group hospitalization insurance 1,580 Employee contributions to pension plan ?question mark Total deductions 26,673 Net pay ?question mark Additional information: For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee’s annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee’s annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee’s annual earnings. Only $15,700 of the gross…At December 31, 2020, Martinez Corporation has the following account balances: Bonds payable, due January 1, 2029 $2,500,000 Discount on bonds payable 92,000 Interest payable 82,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications.The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay $ 93,000 ? 15,480 1,650 ? 25,455 ? Additional information: • For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. • For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee's annual earnings. • The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15,600 of the gross pay amount for the December 27, 2021, pay period was owed to employees who were still under the annual limit. b-2. Assuming that…
