Included in Outkast Company’s December 31, 2020, trial balance are the following accounts: Prepaid Rent $5,200, Debt Investments (to be held to maturity until 2023) $56,000, Unearned Fees $17,000, Land (held for investment) $39,000, and Notes Receivable (long-term) $42,000. Prepare the long-term investments section of the balance sheet.

Q: Included in Outkast Company’s December 31, 2017, trial balance are the following accounts: Prepaid…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Consider the following information from the record of Ornamental Green Garden at the end of the…

A: Total liabilities = account payable + interest payable + accrued interest + notes payable = 600000 +…

Q: On November 1, 2019, Holiday, Inc. received $16,000 that it would earn over the next 16 months.…

A: Revenue means the amount earned by selling the goods or services. Unearned revenue means the amount…

Q: On November 1, 2021, JP Designs signed a $300,000, 6%, six-month note payable with the amount…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Mimi Company revealed the following account balances on December 31, 2020 Accounts payable.…

A: A statement of financial position is the Balance sheet that states the balances of the assets and…

Q: Use the following information from Sketchers, Inc.'s financial statements for the fiscal year ended…

A: Answer: d. $2,820 million.

Q: Included in Sheridan Company's December 31, 2020, trial balance are the following accounts: Accounts…

A: The balance sheet is also known as a statement of financial position considered as one of the most…

Q: The adjusted trial balance for Waterway Industries at the end of the current year, 2021, contained…

A: Liabilities other than the current liabilities are called long-term liabilities.

Q: On May 1, 2020, Janine Company secured a loan from NorthSouth Bank, P1,250,000 with 1% monthly…

A: Here in this question, we are required to calculate the interest amount and final payment amount.…

Q: rane Corporation has the following accounts included in its December 31, 2020, trial balance: Equity…

A: International Accounting Standards (IAS) defined intangible assets as "an identifiable non-monetary…

Q: On 31 May, 2020, the business borrowed $30,000 on a four year, 5% per annum loan that calls for…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: A company provides the following information for the year 2018: Description Amount Description…

A: The assets are the resources of a firm which are used to generate the income for the firm. The total…

Q: Grouper Corporation's adjusted trial balance contained the following asset accounts at December 31,…

A: Current assets: The Assets which can be easily converted in to cash with in a short period less than…

Q: On June 30, 2019, Franz Inc. borrowed P1,800,000 for one year from the bank with an interest of 12%.…

A: Bank charges = accounts receivable  x 8.46% = 2500000 x 8.46% = P211,500

Q: In 2019, Rouchele Co. borrowed $200,000 on a 5% long-term note payable. In each of the following…

A: Long-term debt is a liability to be repaid after one accounting year. It is also called non-current…

Q: The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts…

A: Current Ratio- Current ratio refers to the liquidity ratio that evaluate the flexibility of an…

Q: EQUIRED:  (a) Compute the interest payable at June 30, 2022.  (b) Prepare the liabilities section of…

A: The Schedule of Liabilities of Jaemin Corporation as of December 31, 2022 is given which includes…

Q: The adjusted trial balance for Bonita Industries at the end of the current year, 2021, contained the…

A: Liabilities can be defined as business obligations which needs to be fulfilled in the future time…

Q: Consider the following liabilities of Future Brands, Inc., at December 31, 2021, the company’s…

A: 1. Current liability—The requirement to classify currently maturing debt as a current liability…

Q: Nash Corporation's adjusted trial balance contained the following asset accounts at December 31,…

A: Current Assets are those assets from which the organisation expects to derive economic benefits…

Q: Jazz Company lends Sullivan Company $30,000 on August 1, 2019 in exchange of a 9-month, 12% interest…

A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Q: The owner of Jewel Company had a loan from Metrobank amounting to ₱500,000. The bank requires the…

A: Accrued interest on loan ( from November 1, 2020 to December 31, 2020 ) = ₱500,000 x 12% x 212 =…

Q: On June 30, 2019, Franz Inc. borrowed P1,800,000 for one year from the bank with an interest of 12%.…

A: Answer: correct answer is option C C. P 1,588,500; P 319,500

Q: On January 1, 2020, Karakaraka Co. started construction of a new office building on January 1, 2020,…

A: Borrowed funds used for building=P20,0002=P10,000

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: amount of current liabilities should be reported

A: Current liabilities are short-term debts to be repaid within one accounting year.

Q: Ajam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000…

A: Ajam Inc. Balance Sheet March'31, 2019 Liabilities Current Liabilities:     Accounts…

Q: ined the following: Accounts payable   $ 107,500   Note payable   $157,000 Accounts receivable…

A: Solution: Non current liabilities are those liabilities which are not due to be paid within next one…

Q: The business  is expected to make principal payments totalling $400,000 towards the loan during the…

A: Note payable is a liability account so by paying the principal amount of $ 400000 will reduce the…

Q: On December 31, 2020, Glare Company provided the following information: Accounts payable, including…

A: A liability occurs when a company has undergone a transaction that has generated an expectation for…

Q: On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the…

A: This is based on bill of exchange, in the given case since note is payable in 15 months and the same…

Q: The company obtained a loan from bank amounting to P7,500,000 on November 1, 2020. On the same date,…

A: Accrued Interest Expenses:-These are those expenses that have been incurred but yet not paid. These…

Q: On January 1, 2020, Elmer Company, a calendar-year company, issued $2,000,000 of notes payable, of…

A: In case a portion of a debt is payable within next year, then that portion is reported as current…

Q: . Midwest Enterprises made the following entry on December 31, 2020. Interest Expense    10,000…

A: Entry would be recorded by Anaheim National bank.

Q: On October 1, 2019, Muscat Company borrowed OMR 8,000 cash by signing a note payable due in one year…

A: We have the following information: Borrowed OMR 8,000 on October 1, 2019 Note payable is signed…

Q: Included in Adams Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Martinez Corporation has the following accounts included in its December 31, 2020, trial balance:…

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…

Q: working capital and current ratio

A: Working capital = Total current assets - Total current liabilities

Q: Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31,…

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: On April 1, 2019, Flamengo Co. signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Since you have asked multiple questions we will solve the first question for you as per the policy.…

Q: At the end of June 30, 2022, FDN Company has the following summary ledger accounts: Asset=P500,000…

A: Introduction:-   The main purpose of a trial balance is to make sure that all entries made…

Q: On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which…

A: Interest expense on note = Amount borrowed x rate of interest x no. of month /12 = $21,000 x 3% x…

Q: The adjusted trial balance for Cullumber Corporation at July 31, 2021, the corporation's fiscal year…

A:

Q: On December 31, 2019, the bookkeeper of Tiger Company provided the following information: What is…

A: Current Liabilities - Payable within 1 year Such as: Interest payable Wages payable Short term bank…

Q: Sombop Corporation’s adjusted trial balance contained the following asset accounts at December 31,…

A: Current asset are the assets which are realizable in cash in a short period of time usually less…

Q: Harding Corporation has the following accounts included in its December 31, 2020, trial balance:…

A: Current assets: Assets which can be liquidated with a period of one year or within the current…

Q: On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and…

A: Given that, Cost of the building purchased = $550000 Down payment made = $110000 Notes payable…

Q: The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts…

A: Current liabilities represents the obligation that has to be paid within a year. Non current…

Q: The business receives a promissory hote of P20,000, carrying an interest rate of P12%. The note is…

A: The interest earned during the period but not received yet is recorded as Accrued interest.