Financial & Managerial Accounting
14th Edition
ISBN: 9781337119207
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 10, Problem 10.1EX
To determine
Current liabilities: Liabilities are debt and obligations of a business. Current liability is the obligation, which the company is responsible to pay the outsiders within a year.
To prepare: The current liabilities section of the balance sheet for Corporation B on March 31, 20Y6.
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Current Liabilities
Bon Nebo Co. sold 18,500 annual subscriptions of Bjorn for $57 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $664,000 during the first calendar quarter of 20Y6. The federal tax rate is 35%. A quarterly tax payment will be made on April 12, 20Y6.
Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.
Bon Nebo Co.
Current Liabilities Section of Balance Sheet
March 31, 20Y6
Current liabilities:
Advances on magazine subscriptions
$fill in the blank 1
Federal income taxes payable
fill in the blank 2
Total current liabilities
$fill in the blank 3
Current Liabilities
Bon Nebo Co. sold 15,500 annual subscriptions of Bjorn for $62 during December 20Y5. These new subscribers will receive monthly issues, beginning in January
20Y6. In addition, the business had taxable income of $604,000 during the first calendar quarter of 20Y6. The federal tax rate is 35%. A quarterly tax payment
will be made on April 12, 20Y6.
Prepare the "Current liabilities" section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.
Bon Nebo Co.
Current Liabilities Section of Balance Sheet
March 31, 20Y6
Current liabilities:
Advances on magazine subscriptions
Federal income taxes payable
Total current liabilities
Current Liabilities
Bon Nebo Co. sold 18,000 annual subscriptions of Magazine 20XX for $44 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the
business had taxable income of $500,000 during the first calendar quarter of 20Y9. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y9.
Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9.
Bon Nebo Co.
Current Liabilities Section of Balance Sheet
March 31, 20Y9
Federal income taxes payable
Advances on magazine subscriptions
Total current liabilities
Chapter 10 Solutions
Financial & Managerial Accounting
Ch. 10 - Does a discounted note payable provide credit...Ch. 10 - Employees are subject to taxes withheld from their...Ch. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - Prob. 5DQCh. 10 - To match revenues and expenses properly, should...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - When should the liability associated with a...Ch. 10 - Prob. 10DQ
Ch. 10 - Proceeds from notes payable On January 26, Nyree...Ch. 10 - Prob. 10.2BECh. 10 - Prob. 10.3BECh. 10 - Journalize payroll tax The payroll register of...Ch. 10 - Prob. 10.5BECh. 10 - Journalizing installment notes On the first day of...Ch. 10 - Prob. 10.7BECh. 10 - Prob. 10.1EXCh. 10 - Entries for notes payable Bennett Enterprises...Ch. 10 - Evaluating alternative notes A borrower has two...Ch. 10 - Entries for notes payable A business issued a...Ch. 10 - Entries for discounted note payable A business...Ch. 10 - Prob. 10.6EXCh. 10 - Prob. 10.7EXCh. 10 - Calculate payroll An employee earns 44 per hour...Ch. 10 - Prob. 10.9EXCh. 10 - Prob. 10.10EXCh. 10 - Payroll tax entries According to a summary of the...Ch. 10 - Payroll entries The payroll register for D. Salah...Ch. 10 - Prob. 10.13EXCh. 10 - Prob. 10.14EXCh. 10 - Prob. 10.15EXCh. 10 - Accrued vacation pay A business provides its...Ch. 10 - Pension plan entries Yuri Co. operates a chain of...Ch. 10 - Prob. 10.18EXCh. 10 - Entries for installment note transactions On the...Ch. 10 - Entries for installment note transactions On...Ch. 10 - Prob. 10.21EXCh. 10 - Prob. 10.22EXCh. 10 - Prob. 10.23EXCh. 10 - Prob. 10.24EXCh. 10 - Liability transactions The following items were...Ch. 10 - Entries for payroll and payroll taxes The...Ch. 10 - Wage and tax statement data on employer FICA tax...Ch. 10 - Prob. 10.4APRCh. 10 - Payroll accounts and year-end entries The...Ch. 10 - Prob. 10.1BPRCh. 10 - Entries for payroll and payroll taxes The...Ch. 10 - Prob. 10.3BPRCh. 10 - Prob. 10.4BPRCh. 10 - Payroll accounts and year-end entries The...Ch. 10 - Prob. 3CPPCh. 10 - Continuing Company Analysis-Amazon: Short-term...Ch. 10 - Prob. 2ADMCh. 10 - Prob. 3ADMCh. 10 - Prob. 4ADMCh. 10 - Prob. 10.1TIFCh. 10 - Prob. 10.3TIF
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