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All of the following are reported as current liabilities except:
a. interest payable.
b. bonds payable due in 18 months.
c. salaries payable.
d. sales tax payable.
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- Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income taxSix events relating to liabilities follow: a. Paid the liability for interest payable accrued at the end of the last accounting period. b. Made the current monthly payment on a 12-month installment note payable, including interest and a partial repayment of principal. c. Issued bonds payable at 98 on March 1 of the current year. The bonds pay interest March 1 and September 1. d. On September 1 of the current year, recorded interest expense and made semiannual interest payment on bonds referred to in part c. e. Recorded necessary adjusting entry on December 31 of the current year for bonds referred to in part c. f. Recorded estimated six-month warranty expense on December 31 of the current year. Indicate the effects of each transaction or adjusting entry on the financial measurements in the five column headings listed. Use the code letters I for increase, D for decrease, and NE for no effect. Transaction Current Liabilies Long-Term Liabilties Net Income Net Cash Flow from…Which of the following is a current liability? Borrowings due in 18 months Share capital Trade(Accounts) payable in 12 months Retained earnings
- Glover Corporation's trial balance for December 31, the end of its fiscal year, included the following accounts: Accounts Payable $32,000 Dividends Payable 25,000 Bond Payable, maturing in 9 years 36,000 Salaries Payable 8000 Note Payable, due in 1 year 20,000 Note payable, due in 5 years 70,000 The amount that should be classified as non current liabilities on Glover's December 31 balance sheet is ______Rios Raft Company had the following liabilities. Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL). a. Accounts Payable CL b. Note Payable due in 3 years LTL c. Salaries Payable CL d. Note Payable due in 6 months CL e. Sales Tax Payable CL f. Unearned Revenue due in 8 months CLThe debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt; (b) the outstanding principal at the time indicated. Debt Principal Debt Payment Payment Interval Interest Rate Conversion Period Outstanding Principal After: $13,000 $1,493 6 months 6% monthly 8th payment
- Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown as current or long-term liability on the balance sheet of Anchor, Inc., at December 31:a. Anchor’s general ledger shows a credit balance of $125,000 in Long-Term Notes Payable. Of the amount, a $25,000installment becomes due on June 30 of the following year.b. Anchor estimates its unpaid income tax liability for the current year is $34,000; it plans to pay this amount in March of the following year.c. On December 31, Anchor received a $15,000 invoice for merchandise shipped on December 28. The merchandise has not yet been received.The merchandise was shipped F.O.B. shipping point.d. During the year, Anchor collected $10,500 of state sales tax. At year-end, it has not yet remitted $1,400 of these taxes to the state department of revenue.e. On December 31, Anchor’s bank approved a $5,000, 90-day loan. Anchor plans to sign the note and receive the money on January 2 of the following year.…Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown as current or long-term liability on the balance sheet of Anchor, Inc., at December 31:a. Anchor’s general ledger shows a credit balance of $150,000 in Long-Term Notes Payable. Of the amount, a $30,000installment becomes due on June 30 of the following year.b. Anchor estimates its unpaid income tax liability for the current year is $40,800; it plans to pay this amount in March of the following year.c. On December 31, Anchor received a $18,000 invoice for merchandise shipped on December 28. The merchandise has not yet been received.The merchandise was shipped F.O.B. shipping point.d. During the year, Anchor collected $12,600 of state sales tax. At year-end, it has not yet remitted $1,680 of these taxes to the state department of revenue.e. On December 31, Anchor’s bank approved a $6,000, 90-day loan. Anchor plans to sign the note and receive the money on January 2 of the following year.…Which of the following items we appear as current liabilities in a company’s statement of financial position? a. Loan due for repayment within one year, trade payables, drawings b. Loan due for repayment within one year, trade payables, accruals c. Loan due for repayment within one year, trade payables and trade receivables d. Loan due for repayment within one year, trade payables and capital
- Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in 90 days) $22,500, Salaries and Wages Payable $4,000, and Income Taxes Payable $7,000. Prepare the current liabilities section of the balance sheet.The adjusted trial balance for Bramble Corp. at the end of the current year contained the following accounts. 5-year Bonds Payable 8% $1170000 Bond Interest Payable 37000 Premium on Bonds Payable 73000 Notes Payable (3 mo.) 29000 Notes Payable (5 yr.) 120000 Mortgage Payable ($11000 due currently) 146000 Salaries and Wages Payable 13000 Taxes Payable (due 3/15 of next yr) 18000 The total long-term liabilities reported on the balance sheet are $1498000. $1509000. $1425000. $1436000.The Cidros reported the following information on long-term debt: Current year Previous year Total long-term debts $14,578 millions $18,564 millions Minus the current portion (1,290) millions (1,540) millions Long-term debts 13,288 millions 17,024 millions Determine how much total current liabilities changed between the previous year and the current year as a result of the long-term debt portion. Explain your answer.Indicates the balance of the debt the following year if The Cidros does not acquire another long-term debt in the next few years.