Determine the current liabilities as on December 31 st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

Question

Want to see the full answer?

Answer 1

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 9, Problem 1FA

1.

To determine

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

2.

To determine

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

3.

To determine

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

4.

To determine

Compare the totals of the current liabilities and long term liabilities as on December 31^st, 2016. Identify that the current liabilities are more than or less than the total long term liabilities and its meaning. Compare the shareholders equity with the total liabilities balance as on December 31^st, 2016 and its meaning.

5.

To determine

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

How much is the material quantity variance?

Financial accounting problem

Before prorating the manufacturing overhead costs at the end of 2016, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $59,700 and $54,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2016. During the year, manufacturing overhead costs of $88,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $94,500 at the end of 2016. If the under-or overapplied overhead is prorated between the Cost of Goods Sold and the inventory accounts, how much will be the Cost of Goods Sold after the proration? (rounded answer)

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 9, Problem 1FA

1.

To determine

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

2.

To determine

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

3.

To determine

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

4.

To determine

Compare the totals of the current liabilities and long term liabilities as on December 31^st, 2016. Identify that the current liabilities are more than or less than the total long term liabilities and its meaning. Compare the shareholders equity with the total liabilities balance as on December 31^st, 2016 and its meaning.

5.

To determine

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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 9, Problem 1FA

1.

To determine

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

2.

To determine

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

3.

To determine

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

4.

To determine

Compare the totals of the current liabilities and long term liabilities as on December 31^st, 2016. Identify that the current liabilities are more than or less than the total long term liabilities and its meaning. Compare the shareholders equity with the total liabilities balance as on December 31^st, 2016 and its meaning.

5.

To determine

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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 9, Problem 1FA

1.

To determine

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

2.

To determine

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

3.

To determine

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

4.

To determine

Compare the totals of the current liabilities and long term liabilities as on December 31^st, 2016. Identify that the current liabilities are more than or less than the total long term liabilities and its meaning. Compare the shareholders equity with the total liabilities balance as on December 31^st, 2016 and its meaning.

5.

To determine

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 1FA

1.

To determine

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

2.

To determine

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

3.

To determine

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

4.

To determine

Compare the totals of the current liabilities and long term liabilities as on December 31^st, 2016. Identify that the current liabilities are more than or less than the total long term liabilities and its meaning. Compare the shareholders equity with the total liabilities balance as on December 31^st, 2016 and its meaning.

5.

To determine

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Answer 6

Chapter 9, Problem 1FA

1.

To determine

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

Answer 7

Chapter 9, Problem 1FA

1.

To determine

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

Answer 8

2.

To determine

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

Answer 9

2.

To determine

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

Answer 10

3.

To determine

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

Answer 11

3.

To determine

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

Answer 12

4.

To determine

Compare the totals of the current liabilities and long term liabilities as on December 31^st, 2016. Identify that the current liabilities are more than or less than the total long term liabilities and its meaning. Compare the shareholders equity with the total liabilities balance as on December 31^st, 2016 and its meaning.

Answer 13

4.

To determine

Compare the totals of the current liabilities and long term liabilities as on December 31^st, 2016. Identify that the current liabilities are more than or less than the total long term liabilities and its meaning. Compare the shareholders equity with the total liabilities balance as on December 31^st, 2016 and its meaning.

Answer 14

5.

To determine

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Answer 15

5.

To determine

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 19

Ch. 9.A - Calculate employee payroll (Learning Objective 8)...Ch. 9.A - Calculate net pay (Learning Objective 8) 5-10 min....Ch. 9.A - Employer payroll costs (Learning Objective 8) 5-10...Ch. 9.A - Prob. 4AE Ch. 9.A - Prob. 5AE Ch. 9.A - Prob. 6AE Ch. 9.A - Prob. 7BE Ch. 9.A - Prob. 8BE Ch. 9.A - Calculating gross and net pay (Learning Objective...Ch. 9.A - Calculating gross and net pay (Learning Objective...

Determine the current liabilities as on December 31 st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

Solution Summary: The author analyzes the current liabilities and the accrued liabilities in the balance sheet.

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Want to see the full answer?

Chapter 9 Solutions

Determine the current liabilities as on December 31 st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

Solution Summary: The author analyzes the current liabilities and the accrued liabilities in the balance sheet.

Determine the current liabilities as on December 31st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

List the components of the accrued liabilities that are made up of. Explain the reason for including the accrued liabilities in the current liabilities. Identify the liability which covers the biggest portion of the accrued liabilities.

Determine the long term liabilities as on December 31st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).

Determine the deferred income tax. Explain the reasons for the income taxes payable to appear both in the current and long-term liabilities sections.

Want to see the full answer?

Chapter 9 Solutions

Determine the current liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities. Explain the causes.

Determine the long term liabilities as on December 31^st 2016 and 2015. Identify that there is any changes in the current liabilities or not. Explain the causes for that change (if any).