Notes payable Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs. Sales tax payable The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price. Unearned revenue It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed. Current liability Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher. To prepare: The journal entry to record the cash proceeds from sales revenue of $20,520 that includes sales tax on January 5, 2019.

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Answer 1

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 10, Problem 10.1AP

(a)

To determine

Notes payable

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

Sales tax payable

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

Current liability

Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher.

To prepare: The journal entry to record the cash proceeds from sales revenue of $20,520 that includes sales tax on January 5, 2019.

(b)

To determine

To prepare: The adjusting entry to record 8% notes payable of “A” Company on Jan 31, 2019.

(c)

To determine

To prepare: The current liabilities section of the balance sheet for “A” Company on January 31, 2019.

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Krypton Corp. estimated manufacturing overhead for the year to be $842,000. At the end of the year, actual direct labor hours were 48,300 hours, the actual manufacturing overhead was $919,500, and manufacturing overhead was overapplied by $76,200. If the predetermined overhead rate is based on direct labor hours, what were the estimated direct labor hours at the beginning of the year used in the predetermined overhead rate?

Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 10, Problem 10.1AP

(a)

To determine

Notes payable

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

Sales tax payable

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

Current liability

Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher.

To prepare: The journal entry to record the cash proceeds from sales revenue of $20,520 that includes sales tax on January 5, 2019.

(b)

To determine

To prepare: The adjusting entry to record 8% notes payable of “A” Company on Jan 31, 2019.

(c)

To determine

To prepare: The current liabilities section of the balance sheet for “A” Company on January 31, 2019.

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 10, Problem 10.1AP

(a)

To determine

Notes payable

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

Sales tax payable

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

Current liability

Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher.

To prepare: The journal entry to record the cash proceeds from sales revenue of $20,520 that includes sales tax on January 5, 2019.

(b)

To determine

To prepare: The adjusting entry to record 8% notes payable of “A” Company on Jan 31, 2019.

(c)

To determine

To prepare: The current liabilities section of the balance sheet for “A” Company on January 31, 2019.

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 10, Problem 10.1AP

(a)

To determine

Notes payable

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

Sales tax payable

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

Current liability

Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher.

To prepare: The journal entry to record the cash proceeds from sales revenue of $20,520 that includes sales tax on January 5, 2019.

(b)

To determine

To prepare: The adjusting entry to record 8% notes payable of “A” Company on Jan 31, 2019.

(c)

To determine

To prepare: The current liabilities section of the balance sheet for “A” Company on January 31, 2019.

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Answer 5

Chapter 10, Problem 10.1AP

(a)

To determine

Notes payable

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

Sales tax payable

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

Current liability

Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher.

To prepare: The journal entry to record the cash proceeds from sales revenue of $20,520 that includes sales tax on January 5, 2019.

(b)

To determine

To prepare: The adjusting entry to record 8% notes payable of “A” Company on Jan 31, 2019.

(c)

To determine

To prepare: The current liabilities section of the balance sheet for “A” Company on January 31, 2019.

Answer 6

Chapter 10, Problem 10.1AP

(a)

To determine

Notes payable

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

Sales tax payable

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

Current liability

Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher.

To prepare: The journal entry to record the cash proceeds from sales revenue of $20,520 that includes sales tax on January 5, 2019.

Answer 7

Chapter 10, Problem 10.1AP

(a)

To determine

Notes payable

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

Sales tax payable

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

Current liability

Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher.

To prepare: The journal entry to record the cash proceeds from sales revenue of $20,520 that includes sales tax on January 5, 2019.

Answer 8

(b)

To determine

To prepare: The adjusting entry to record 8% notes payable of “A” Company on Jan 31, 2019.

Answer 9

(b)

To determine

To prepare: The adjusting entry to record 8% notes payable of “A” Company on Jan 31, 2019.

Answer 10

(c)

To determine

To prepare: The current liabilities section of the balance sheet for “A” Company on January 31, 2019.

Answer 11

(c)

To determine

To prepare: The current liabilities section of the balance sheet for “A” Company on January 31, 2019.

Answer 12

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Answer 13

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Answer 15

Ch. 10 - Prob. 1Q Ch. 10 - Prob. 2Q Ch. 10 - Prob. 3Q Ch. 10 - Prob. 4Q Ch. 10 - Prob. 5Q Ch. 10 - 6 What are long-term liabilities? Give three...Ch. 10 - Prob. 7Q Ch. 10 - Prob. 8Q Ch. 10 - Prob. 9Q Ch. 10 - Prob. 10Q

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To prepare: The adjusting entry to record 8% notes payable of “A” Company on Jan 31, 2019.

To prepare: The current liabilities section of the balance sheet for “A” Company on January 31, 2019.

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