Concept explainers
LO 1, 2, 3, 4
(Learning Objectives 1, 2, 3, 4: Measure and report current liabilities) At December 31, 2018, Filbert Corporation’s adjusted
Accrued Warranty Payable | $ 58,000 |
4% Notes Payable, due April 30, 2019 | 150,000 |
Unearned Service Revenue | 48,000 |
Accounts Payable | 225,000 |
Employee Income Tax Payable | 27,000 |
279,000 | |
Interest Payable | 29,000 |
8% Bonds Payable, due December 31, 2023 | 500,000 |
75,000 | |
164,000 | |
Salaries Payable | 84.000 |
5% Notes Payable, due December 31, 2019 | 200,000 |
Sales Tax Payable | 67,000 |
FICA Tax Payable | 7,000 |
Filbert Corporation provides multi-year warranties with its products. Half of the Accrued Warranty Liability relates to warranty liabilities that will be paid in 2019, while the other half relates to warranty liabilities to be paid in 2020. The Unearned Service Revenue pertains to a service contract that will be performed during 2019. $100,000 of the 8% bonds payable due December 31, 2023, is due on December 31. 2019.
Requirement
1. Prepare the current liability section of Filbert Corporation’s
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Financial Accounting (12th Edition) (What's New in Accounting)
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- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College