Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during Decem-ber 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $840,000 during the first calendar quarter of 20Y9. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y9. Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9.

Q: Presley Company sells a product that includes a one-year warranty on parts and labor. During the…

A: Prepare the journal entries to record the estimated warranty costs.

Q: The December Trial Balance of Jane Corporation includes among others, the following: Long term…

A: Current liabilities: Current liabilities are short-term financial obligations of a company that are…

Q: ly at a total price of P7,000 per unit. The company also incurred actual repair costs of P3,500,000…

A: Warranty means the undertaking given by the company selling the goods that in case of any defect ,…

Q: Sam company started business in 2020. It sells printers with a three-year warranty. Sam company…

A: Part (1) Amount should Sam Company report as warranty expense in 2020  Sales (units) = 7500  Selling…

Q: Bon Nebo Co. sold 18,000 annual subscriptions of Magazine 20XX for $44 during December 20Y8. These…

A: Given that Taxable income = $500000 Federal tax rate = 40%

Q: Pesto Company started its business in selling printers with three-year warranty. It estimates its…

A: Warranty means the undertaking given by the company selling the goods that in case of any defect ,…

Q: Bon Nebo Co. sold 12,500 annual subscriptions of Bjorn for $45 during December 20Y5. These new…

A: Current liabilities: Current liabilities are a company's short-term financial obligations that are…

Q: On June 1, Davis Inc. issued an $85,500, 10%, 120-day note payable to Garcia Company Assume that the…

A: Calculate the total interest as follows: Interest = Bonds amount * interest rate Interest = $85,500…

Q: On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the…

A: No. of days for which interest to be recognized in the following year = Total days of notes - total…

Q: On the first day of each month, Bell Company received from Kaye Company an escrow deposit of…

A: The term escrow means the holding of an asset or money by a third person or party before…

Q: On June 1, Davis Inc. issued an $81,200, 8%, 120-day note payable to Garcia Company Assume that the…

A: Interest revenue = face value of not x rate of interest x No. of days / 360 days

Q: On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued…

A: Date Accounts title and explanation Debit ($) Credit ($) 1-Oct Note receivable $35,000…

Q: Bon Nebo Co. sold 15,500 annual subscriptions of Magazine 20XX for $59 during December 20Y8. These…

A: Federal income tax payable = taxable income x tax rate = 576000 x 40% = $230,400

Q: .Show all entries are required concerning warranties for 2020 and the computations that justify the…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: The December Trial Balance of Jane Corporation includes among others, the following: Long term…

A: CL stands for current liabilities which refers to the liabilities or obligations that are paid…

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: Mackenzie Corp. is preparing the December 31, 2020, year-end financial statements, Following are…

A: Adjusting journal entries are accounting entries made at the close of the reporting year of a…

Q: On January 1,2021, Mickey Mouse Corporation sells a Furniture and Fixtures costing P2,500,000 and…

A: Present value of the note = Annual installment x Present value factor (10% x 3 years) = P300,000 x…

Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…

A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…

Q: Bon Nebo Co. sold 15,500 annual subscriptions of Bjorn for $62 during December 20Y5. These new…

A: Federal income taxes payable = Taxable income x Federal tax rate = $604000*35% = $211,400

Q: Green Company started business in 2020. It sells printers with a three-year warranty. Green…

A: Warranty  expense  is the total warranty  claim for product  =2%+4%+6% =12%

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

Q: The following transactions apply to Walnut Enterprises for 2018, its first year of operations:…

A: Balance sheet is the financial statement of a company. It helps in maintaining the records of…

Q: Bon Nebo Co. sold 19,000 annual subscriptions of Bjorn for $51 during December 20Y5. These new…

A: Federal Income tax payable = Taxable income * Tax rate

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Answer: The exact answer is $1,061 . So the nearest option to $1,061 is option D - $1,050 .

Q: Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new…

A: Current liabilities seem to be a business's short financial commitments that must be paid throughout…

Q: Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during December 20Y8. These…

A: Current liabilities: Liabilities are debt and obligations of a business. Current liability is the…

Q: Under the expense warranty approach, give the entries to reflect the above transactions (accrual…

A: Warranty liability is a liability account. Warranty expense is part of the operating expenses.

Q: Mackenzie Corp, is preparing the December 31, 2020, year-end financial statements. Following are…

A: Adjusting Entries :— It is the journal entry made at the ending the accounting period to adjust the…

Q: On January 1, 2020, Caribou Explorations Limited (CEL) sold inventory costing $32,000 and, in…

A: Journal entry A journal entry is a record of the business transactions within the accounting books…

Q: On 1 January 2010, Elegant Fragrances Company issues £1,000,000 face value, fi ve-yearbonds with…

A: Given: Issue of face value = $ 1,000,000 Amount of annual interest payments = $ 55,000 Interest rate…

Q: Egnab Inc. had the following transactions during the current fiscal year ending December 31 .…

A: Notes Payable Long-term obligations known as notes payable represent the sums that a firm owes its…

Q: Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during December 20Y8. These…

A: Current liabilities are the liabilities which are going to be settled within one year from the…

Q: Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be…

A: Income tax for the year = $ 140,000   1) Calculation of Income tax payment per quarter…

Q: Bon Nebo Co. sold 13,000 annual subscriptions of Bjorn for $46 during December 20Y5. These new…

A: Working Note: Total advance received = Annual subscription x Price per subscription  = 13,000 x $46…

Q: Current liabilitiesBorn Nebo Co. sold 25,000) annual subscriptions of Magazine 20XXfor$85 during…

A: Current Liabilities are those liabilities or obligations which are to be paid within short period of…

Q: During 2020, Red Company introduced a new product carrying a two-year warranty against defects. The…

A: Warranty liability - It is the liability that company expects to incurred for the repair and…

Q: Ann Company sold one of its factories on January 1, 2020 for ₱7,000,000. The entity received a cash…

A: Carrying amount can be defined as the original cost of the asset after making adjustment of the…

Q: On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the…

A: Interest to be received is calculated by multiplying the principal with rate of interest and time .…

Q: Bon Nebo Co. sold 19,000 annual subscriptions of Magazine 20XX for $60 during December 20Y8. These…

A:

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…

Q: Current Liabilities Bon Nebo Co. sold 12,000 annual subscriptions of Bjorn for $ during December…

A: Current liabilities section of Bon Nebo Co is as under:

Q: Lynford Company sold 10,500 dishwashers for $1,100 each during 2021. The dishwashers are under…

A: Warranty liability is calculated by deducting the warranty cost from the warranty liability.

Q: Dagupan Company prepares quarterly interim

A: Total warranty = warranty claim% * first quarter scales + second quarter scales = 10% * P 10000000 +…

Q: the monthly payment is $5,800, what is the note's carrying value after the first month's payment is…

A: The original cost of an asset, as recorded in the books or balance sheet of a corporation, less the…

Q: During the first quarter of 2021, a company sold on credit, 2,000 truck tires at $85 each plus…

A: The harmonized sales tax (HST) is a five-province mix of federal and provincial taxes on goods and…

Q: During 2020, Buenas Company introduced a new product carrying a two-year warranty against defects.…

A: The question is based on the concept of Financial Accounting.

Q: Grant Co. had the following liabilities at December 31, the end of its fiscal year: Accounts Payable…

A: Solution: Under current laibilities, liabilities which are due in next one year are reported and…

Q: Lynford Company sold 10,500 dishwashers for $1,100 each during 2021. The dishwashers are under…

A: The warranty Expenses are estimated on the basis of sales made during the period and past year…