Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31. Jan.8 Purchased merchandise for resale on account. The invoice amount was $14,780; assume a perpetual inventory system. 17 Paid January 8 invoice.Apr.1 Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money.June3 Purchased merchandise for resale on account. The invoice amount was $17,420.July5 Paid June 3 invoice.Aug.1 Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $6,000.Dec.20 Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes). Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.Please avoid solutions image based thnx

The balance sheet shows the liabilities, shareholders' equity, and also the assets. The liabilities…

Answered: Roger Company completed the following…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.4E: Transaction Analysis Pollys Cards $ Gifts Shop had the following transactions during the year:...

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Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31.

Jan.	8	Purchased merchandise for resale on account. The invoice amount was $14,780; assume a perpetual inventory system.
	17	Paid January 8 invoice.
Apr.	1	Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money.
June	3	Purchased merchandise for resale on account. The invoice amount was $17,420.
July	5	Paid June 3 invoice.
Aug.	1	Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $6,000.
Dec.	20	Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days.
	31	Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes).

Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.

Please avoid solutions image based thnx

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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