Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, and Long-term liabilities. Examples: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable. To record: Notes payable on September 1, 2019.

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Answer 1

Question

Chapter 11, Problem 11.36CP

1.

To determine

Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, and Long-term liabilities. Examples: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.

To record: Notes payable on September 1, 2019.

2.

To determine

To Record: The employee payroll tax on September 30, 2019.

3.

To determine

To Record: The payment to employees.

4.

To determine

To record: Accrual interest due on the note at December 31, 2019.

5.

To determine

To record: The payment to the bank on September 1, 2020.

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Check my work The finance director for the City of Green Falls printed the General Fund Revenues and Appropriations Ledgers shown below for the year just ended. REVENUES LEDGER Ref. Account Description Est. Revenues Dr(Cr) Revenues Balance Cr(Dr) Dr(Cr) Estimated Revenues-Taxes-Real Property 102 Budget Authorization 6,452,400 6,452,400 103 Accrued Revenue 104 Previous Deferral 109 Deferral 6,455,000 345,000 (308,000) (2,600) (347,600) (39,600) 110 Budget Amendment 111 Closing entry 40,000 (6,492,400) 400 (6,492,000) 112 Closing entry (6,492,000) Estimated Revenues-Taxes-Sales 102 Budget Authorization. 103 Received in Cash 110 Budget Amendment 111 Closing Entry 112 Closing Entry 736,250 (25,000) (711,250) 710,600 736,250 25,650 650 (710,600) (710,600) e Q Search ་ PRE a 1 < 2/

Answer 2

Question

Chapter 11, Problem 11.36CP

1.

To determine

Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, and Long-term liabilities. Examples: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.

To record: Notes payable on September 1, 2019.

2.

To determine

To Record: The employee payroll tax on September 30, 2019.

3.

To determine

To Record: The payment to employees.

4.

To determine

To record: Accrual interest due on the note at December 31, 2019.

5.

To determine

To record: The payment to the bank on September 1, 2020.

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Answer 3

Question

Chapter 11, Problem 11.36CP

1.

To determine

Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, and Long-term liabilities. Examples: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.

To record: Notes payable on September 1, 2019.

2.

To determine

To Record: The employee payroll tax on September 30, 2019.

3.

To determine

To Record: The payment to employees.

4.

To determine

To record: Accrual interest due on the note at December 31, 2019.

5.

To determine

To record: The payment to the bank on September 1, 2020.

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Answer 4

Question

Chapter 11, Problem 11.36CP

1.

To determine

Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, and Long-term liabilities. Examples: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.

To record: Notes payable on September 1, 2019.

2.

To determine

To Record: The employee payroll tax on September 30, 2019.

3.

To determine

To Record: The payment to employees.

4.

To determine

To record: Accrual interest due on the note at December 31, 2019.

5.

To determine

To record: The payment to the bank on September 1, 2020.

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Answer 5

Chapter 11, Problem 11.36CP

1.

To determine

Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, and Long-term liabilities. Examples: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.

To record: Notes payable on September 1, 2019.

2.

To determine

To Record: The employee payroll tax on September 30, 2019.

3.

To determine

To Record: The payment to employees.

4.

To determine

To record: Accrual interest due on the note at December 31, 2019.

5.

To determine

To record: The payment to the bank on September 1, 2020.

Answer 6

Chapter 11, Problem 11.36CP

1.

To determine

Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, and Long-term liabilities. Examples: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.

To record: Notes payable on September 1, 2019.

Answer 7

Chapter 11, Problem 11.36CP

1.

To determine

Liabilities: Liabilities are debt and obligations of a business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, and Long-term liabilities. Examples: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.

To record: Notes payable on September 1, 2019.

Answer 8

2.

To determine

To Record: The employee payroll tax on September 30, 2019.

Answer 9

2.

To determine

To Record: The employee payroll tax on September 30, 2019.

Answer 10

3.

To determine

To Record: The payment to employees.

Answer 11

3.

To determine

To Record: The payment to employees.

Answer 12

4.

To determine

To record: Accrual interest due on the note at December 31, 2019.

Answer 13

4.

To determine

To record: Accrual interest due on the note at December 31, 2019.

Answer 14

5.

To determine

To record: The payment to the bank on September 1, 2020.

Answer 15

5.

To determine

To record: The payment to the bank on September 1, 2020.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 11 - Prob. 6QC Ch. 11 - Prob. 1QC Ch. 11 - A company sells 180,000 (selling price) of goods...Ch. 11 - Prob. 3QC Ch. 11 - Prob. 4QC Ch. 11 - Prob. 5QC Ch. 11 - Prob. 7QC Ch. 11 - Vega Company expects to pay a 4% bonus on net...Ch. 11 - Prob. 9QC Ch. 11 - Prob. 10QC

To Record: The employee payroll tax on September 30, 2019.

To Record: The payment to employees.

To record: Accrual interest due on the note at December 31, 2019.

To record: The payment to the bank on September 1, 2020.

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Chapter 11 Solutions