Long-Term Liabilities
Q: Explain Long-term liabilities?
A: The balance sheet of the business represents the financial position of the business with assets and…
Q: In 150 words or fewer, explain how contingent liabilities are accounted for.
A: Contingent Liability: Contingent liability refers to any potential liability that can occur…
Q: Which one of the following statements does not describe liabilities correctly? Select one: O a. Most…
A: Liabilities are described as obligations which are required to be paid by the business. These are…
Q: ate one (1) problem situation concerning a loan amortization problem. Make a brief description of…
A: We need to create a loan amortization table for any practical situation.
Q: Examples of Current liabilities includes accounts payable, accruals and other short-term liabilities…
A: Current Liabilities are the liabilities (payments) that the company has to pay within a year. These…
Q: Briefly describe how the concept of the time value of money is incorporated intothe valuation of…
A: Time value of money: Time value of money refers to the concept that the value of money available at…
Q: Current liabilities are _____.
A: Current liabilities: Current liabilities include liabilities with maturity less than a year…
Q: Within the current liabilities section, how do you believethe accounts should be listed? Defend your…
A:
Q: Give examples of the 4 types of current liabilities and how can it be explained in each scenarios
A: Introduction:- Current liabilities:- Current liabilities means companies are required to be settled…
Q: List of Current Liabilities
A: Current liabilities are those liabilities of an entity which are payable in one year or entity’s…
Q: Q7-8. Is it possible to convert a present value of an ordinary annuity table to the present value of…
A: Let r = Interest rate Periodic payment = P Duration = n
Q: When valuing a short-term security, we commonly use:
A: Short term securities are those securities that are expected to be held for a period of less than…
Q: Potential liabilities that depend on future events arising out of past events are calleda.…
A: Current liabilities: Current liabilities are the liabilities that are payable within a period of…
Q: What are some types of current assets that are pledged as security for short-term loans?
A: A pledged asset is collateral pledged by a borrower to a lender (usually in return for a loan). The…
Q: Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent…
A: Contingent liabilities are the liabilities which will arise on the happening or not unhappening of…
Q: the classified balance sheet will show which liability subsections? A. current liabilities and…
A: Current liability: Amounts which are payable with in one year will be treated as current…
Q: LO1. How are current liabilities of know amounts accounted for? a) What are three main…
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Q: The assects of fir 60000 ad capital 450000 it’s liabilities are
A: Accounting equation is the equation which proves that aggregate of liabilities and capital is equal…
Q: List of Non Current Liabilities
A: Non current liabilities are those obligations that are listed on the balance sheet and is not due…
Q: Write and submit the Proof of Ordinary Annuity
A: Ordinary Annuity: The sum of ordinary annuity is:F=A[(1+i)n−1]iF= Sum…
Q: Listed below are several terms and phrases associated with current liabilities. Pair each item from…
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Q: Define asset retirement obligations (AROs).
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Q: Define Future Value of an Annuity Due.
A: Annuity: An annuity refers to the fixed cash flows that are received or paid by a person at defined…
Q: What are the current liabilities? Give some examples of current liabilities?
A: Definition: Liabilities: The claims creditors have over assets or resources of a company are…
Q: What are the various types of long term liabilities? Name them.
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: Briefly describe how the concept of the time value of money is incorporated into the valuation of…
A: Time value of money: Time value of money refers to the concept that the value of money available at…
Q: What is a loan amortization schedule, and what are some ways these schedules are used?
A: Loan Amortization Schedule- An amortization schedule is a table that provides the details of the…
Q: Why we need to know the interest, annuities, amortization and mortgage especially in real life?
A: Money charged on a regular basis at a set rate for the use of borrowed funds or to postpone debt…
Q: ssible analysis that determine whether the clients will be able to repay the loan and interests in…
A: When granting loans it is necessary to do the analysis of client whether he will be able to pay back…
Q: choose the right answer e debts which are to be repaid within a short period (a year or less) are…
A: Liabilities: Liabilities refers to the financial obligation of the business it does not include…
Q: Explain an example of long term liabilities.
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: ne loans which are to be repaid within a short O a. Fixed liabilities b. Long-term liabilities C.…
A: Ans. Liabilities can be of many types - i. Current Liabilities ii. Non-current Liabilities iii.…
Q: y the 4 examples of current liabilities and provide a detail explanatio
A: A company's current liabilities are short-term financial obligations that are due within a year or…
Q: 1. What should be reported as total current liabilities? 2. What amount should be reported as total…
A: Current liabilities- Current liabilities are obligations to be paid in one year. These are given on…
Q: How to calculate the appropriate interest expense based on the amount of outstanding debt using…
A: When the company borrows funds from the people, it has to pay them a certain amount for the borrowed…
Q: How is the present value of an annuity determined?
A: Present value: Present value is the value of future cash flow today. Present value is the…
Q: Explain the nature of long term debt.
A: Nature of long-term debt: Long-term debts are the obligations of the company that are required to…
Q: Give a numerical example of: Current liabilities. Long-term liabilities
A: Introduction: Current liability: These also called as short term liabilities. Liabilities which are…
Q: Explain the term Loan Repayment Schedule?
A: Loan is a sum of money borrowed by an individual/organization from a bank or lender that has to be…
Q: 7. Conceptually all liabilities should be reported on the balance sheet at a. the present value of…
A: Liabilities are the obligations of the business that it has to pay to its employees, or to third…
Q: Analyze the implications of interest rate changes on any of the calculations you performed. Be sure…
A: As in the worksheet of the question, the FCF is positive for the first two years and negative for…
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- Determine the missing amount: cash$239,186;short term investment$353,700;acct receiv$504,944;inventory? Prepaid exp$83,259;total current asset$1,594927; property&equipment? what is the inventory amount and property& equipment amount?How is 165,000 computed for the additional accumulated depreciation? Trade in Allowance ₱400,000 Less: Book value Cost ₱1,300,000 Less: Accumulated Depreciation (₱660,000 + ₱165,000) 825,000 475,000 Loss on Trade In - October 1, 2021 -₱75,000Dr.Cr.(GH₵)(GH₵)Stated capital310Income surplus at 1 January 2017456Inventory at 1 January 2017236Turnover1,468Purchases856Salaries46Directors salaries (admin expense)116Land & building at cost550Plant & equipment at cost578Land & building- accumulated depreciation as at 1 January 2017154Plant & equipment –accumulated depreciation as at 1 January 2017266Bank interest received6Sundry expenses56Trade receivables110Trade payables122Accruals42Cash at bank43Dividends paid36Administrative expenses183Interest paid142,8242,824The following information is also relevant:(1) Inventory at 31st December 2017 is GH₵256(2) The tax liability for the year is estimated to be 20% of the profit before tax.4(3) The original cost of land and buildings is made up of GH₵100 land and GH₵450 buildings. Buildings are used in administration and depreciation is charged on a straight line basis over the estimated useful life of 50 years.(4) Plant & equipment are used in distribution and…
- need formula for cost of goods sold CURRENT ASSETS Cash and cash equivalents $ 607,987 $ 480,626 Accounts receivable, net 104,500 80,545 Inventory 26,445 26,096 Prepaid expenses and other current assets 54,906 57,076 Income tax receivable 282,783 27,705 Investments 343,616 400,156 Total current assets 1,420,237 1,072,204 Leasehold improvements, property and equipment, net 1,584,311 1,458,690 Long term investments 102,328 0 Restricted cash 27,849 27,855 Operating lease assets 2,767,185 2,505,466 Other assets 59,047 18,450 Goodwill 21,939 21,939 Total assets 5,982,896 5,104,604 Current liabilities: Accounts payable 121,990 115,816 Accrued payroll and benefits 203,054 126,600 Accrued liabilities 164,649 155,843 Unearned revenue 127,750 95,195 Current operating lease liabilities 204,756 173,139 Total current liabilities 822,199 666,593 Commitments and contingencies (Note 12) Long-term operating lease liabilities 2,952,296…PQ16.08 Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 cash. The entry to record this event would include ??Peter Senen Corporation provided the following account balances as of September 30, 2020:Cash P112,000 Accumulated depreciation P 36,000Accounts Receivable 64,000 Accounts payable 40,000Finished Goods 48,000 Income tax payable 9,000Work in process 36,000 Share Capital 500,000Raw materials 52,000 Retained Earnings 207,000Property and Equipment 480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000 Administrative salaries P16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800 Phil health contributions P2,000SSS contributions 7,100 HDMF contributions 2,0004. Employer contributions for the month were accrued:Factory Selling AdministrativeSSS contributions P5,700 P2,000 P1,100Philhealth…
- Problem BPeter Senen Corporation provided the following account balances as of September 30, 2020: CashP112,000 Accumulated depreciationP 36,000Accounts Receivable64,000Accounts payable 40,000Finished Goods48,000Income tax payable9,000Work in process 36,000 Share Capital500,000Raw materials 52,000 Retained Earnings207,000Property and Equipment480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000Administrative salariesP16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800Phil health contributions P2,000SSS contributions 7,100HDMF contributions 2,0004. Employer contributions for the month were accrued:FactorySellingAdministrativeSSS contributionsP5,700P2,000P1,100Philhealth…Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyThe amount to be reported as expenses (excluding depreciation) in Seri’s income statement is A. P60,000 B. P100,000 C. P65,000 D. P67,000
- 6. Which depreciation method calculates annual depreciation expense based on the book value of an asset? a. double-declining balanceb. sum-of-the-years'-digitsc. Inventory systemsd. group depreciationQuestion Content Area Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $62,000 $73,000 Accounts Receivable (net) 75,000 60,000 Inventories 54,000 47,000 Accounts Payable (merchandise creditors) 43,000 37,000 Salaries Payable 2,800 3,800 Sales (on account) 210,000 Cost of Merchandise Sold 70,000 Operating Expenses Other Than Depreciation 67,000 Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankCash Flows From The Operating Activities Section Cash flows from (used for) operating activities: $- Select - $- Select - - Select - $- Select -ShafNita Sdn. Bhd. Statement of Financial Position as at 31 December2019 2020RM RM RM RM Non Current AssetsBuilding 100,000 100,000Fixtures less accumulated depreciation 3,600 4,000Van less accumulated depreciation 7,840 14,800111,440 118,800 Current AssetInventory 11,200 24,800Trade account receivable 12,800 16,400Bank 1,800 -Cash 440 400 26,240 41,600Total assets 137,680 160,400Finance by:Capital account:Balance at 1 January 74,080 105,080Add: Net profit for the year 70,400 42,320Cash introduced - 20,000144,480 167,400Less: Drawings (39,400) (43,200)105,080 124,200 Non Current LiabilitiesLoan (repayable in 10 years time) 20,000 30,000Current LiablitiesAccount Payable 12,600 6,012Bank overdraft - 188Retained earnings 32,600 36,200Total liabilities and equity 137,680 160,400 Additional information at 31 December 2020: Fixtures bought in 2020 cost RM800. Van bought in 2020 cost RM11,000. Required: Prepare statement of cash flow for ShafNita Sdn. Bhd. for the year ended 31 December…