Al Jabel Corporation is preparing financial statement for the year ended December 31, 2019. For each item below, indicate the dollar amount to be reported as either current liability or non-current liability. a. At the end of the year 8% bonds payable of OMR 5,000,000 are outstanding. Interest is payable on September 30 each year and mature in 4 equal instalments every September 30. b. At December 31, 2018, customers’ advances were OMR 18,000,000. During 2019, Al Jabel collected OMR 45,000,000 of customers’ advances, and advances of OMR 37,500,000 were earned. c. On December 31, 2019, Al Jabel declare a cash dividend of OMR 3 per share, payable on January 15, 2021. Al Jabel has issued 2,000,000 ordinary shares of which 1,000,000 shares held in treasury
Al Jabel Corporation is preparing financial statement for the year ended December 31, 2019. For each item below, indicate the dollar amount to be reported as either current liability or non-current liability. a. At the end of the year 8% bonds payable of OMR 5,000,000 are outstanding. Interest is payable on September 30 each year and mature in 4 equal instalments every September 30. b. At December 31, 2018, customers’ advances were OMR 18,000,000. During 2019, Al Jabel collected OMR 45,000,000 of customers’ advances, and advances of OMR 37,500,000 were earned. c. On December 31, 2019, Al Jabel declare a cash dividend of OMR 3 per share, payable on January 15, 2021. Al Jabel has issued 2,000,000 ordinary shares of which 1,000,000 shares held in treasury
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 7C
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Question
Al Jabel Corporation is preparing financial statement for the year ended December 31,
2019. For each item below, indicate the dollar amount to be reported as either current liability or
non-current liability.
a. At the end of the year 8% bonds payable of OMR 5,000,000 are outstanding. Interest
is payable on September 30 each year and mature in 4 equal instalments every
September 30.
b. At December 31, 2018, customers’ advances were OMR 18,000,000. During 2019, Al
Jabel collected OMR 45,000,000 of customers’ advances, and advances of OMR
37,500,000 were earned.
c. On December 31, 2019, Al Jabel declare a cash dividend of OMR 3 per share, payable
on January 15, 2021. Al Jabel has issued 2,000,000 ordinary shares of which 1,000,000
shares held in treasury
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