The adjusted trial balance for Waterway Industries at the end of the current year, 2021, contained the following accounts.   5-year Bonds Payable 9%   $3000000   Interest Payable   48000   Premium on Bonds Payable   98000   Notes Payable (3 months.)   38000   Notes Payable (5 yr.)   166000   Mortgage Payable ($13000 due currently)   200000   Salaries and wages Payable   16000   Income Taxes Payable (due 3/15 of 2022)   23000 The total long-term liabilities reported on the balance sheet are $3366000. $3464000. $3353000. $3451000.

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

A: Note payable is a promissory note which a company sign to borrow an amount of money. A fixed rate of…

Q: On October 1, 2021, Sheffield Corporation issued $500,000 of 10-year, 5% bonds at 100. Interest is…

A: Formula: Interest amount = Notes amount x interest rate x Time period

Q: Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…

A: Notes Payable are the debt instrument which has been used by the organisation to arrange a short…

Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

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 October 1st, a company borrowed $60,000 from Eighth National Bank on a 1-year, 7% note. If the…

A: Adjusting entries are entries that are passed at the end of the period to accurately present income,…

Q: The adjusted trial balance for Concord Corporation at the end of the current year contained the…

A: Long-term liabilities are those which are payable to the company in more than 1 year. Liabilities…

Q: The adjusted trial balance for Perry Corporation at the end of 2018 contained the following…

A: Long-term liabilities are amount due after 12 months.

Q: shows an Interest Expense balance of $500 On August 31, 2020, the company borrowed $5,000 with an…

A: Interest expenses can be defined as the interest that is payable on any borrowings such as bonds,…

Q: On July 1, 2018, Ross-Livermore Industries issued nine-month notes in the amount of $400 million.…

A:

Q: Crane Corporation issued 2,100, 9%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is…

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: On January 1, 2020, Blue Co. borrowed and received $ 507,000 from a major customer evidenced by a…

A: Present value of bonds = Face value of bonds x present value factor (9%, 4 years) = $520000 x…

Q: Jetsons Inc borrowed $500,000 on a 6% one-year, interest-bearing note dated November 1, 2019 with…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: On January 1, 2021, a company issues $720,000 of 8% bonds, due in twelve years, with interest…

A: Amortization schedule      Formula sheet of the above schedule

Q: On December 1, Milton Company borrowed $390,000, at 7% annual interest, from the Tennessee National…

A: Interest amount from December 1 to December 31 i.e. 1 month = 390,000 x 7% x 1 month/12 months…

Q: A corporation borrowed money through an 9-month, 8% note for $120,000 on September 1, 2020. The note…

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

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: On September 1, 2017, Brita Hawtof Company signed a $75,000, nine month, 6 percent note payable. The…

A: Prepare journal entry the interest accrued but not paid.

Q: The adjusted trial balance for Bramble Corp. at the end of the current year, 2018, contained the…

A: Solution:   Total long term liabilities reported on balance sheet = Bond payable + Premium on bond…

Q: Presented below are various account balances of K.D. Lang Inc. a) Unamortized premium on bonds…

A: Bonds:  Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: Thomas Corporation’s adjusted trial balance contained the following liability accounts at December…

A: Thomas CorporationBalance Sheet (Partial) As at December 31, 2020 Current liabilities:…

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: 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: Presented below are various account balances of K.D. Lang Inc. a.   Unamortized premium on bonds…

A: Bonds:  Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: On January 1, 2020, Marigold Company purchased at face value, a $1020, 10% bond that pays interest…

A: The interest earned during period but not received is said to be Accrued interest or interest…

Q: Sandhill Corporation's adjusted trial balance contained the following liability accounts at December…

A: Liability is a obligation of a company which requires out flow of resources for its settlement.…

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

A: Solution a:  Interest EXPENSE recognized by Baker in the current fiscal year = $35,679*8%*30/360 =…

Q: For each of the following situations, indicate the amount shown as current or long-term liability on…

A: The current liability is the liability which is to be paid off within one year.

Q: BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year…

A: Journal entry refers to a recording/ classifying of business transactions into books of accounts…

Q: The adjusted trial balance for Bramble Corp. at the end of the current year contained the following…

A: Long term Liabilities: Long term Liabilities or non-current liabilities are the obligation that…

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 adjusted trial balance for Carla Vista Ltd. at October 31, 2021, contained the following:…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Sayed Company borrowed $40,000 on August 31, 2020, by issuing an 9-month, 9% interest-bearing note.…

A: Given, Interest rate = 9% Issuing Date = 31st August 2020 Borrowing Amount = $40,000

Q: On July 1, 2021, Guarin Co. obtained fire insurance for a three-year period at an annual premium of…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: For each of the following situations, indicate the amount shown as current or long-term liability on…

A: a) Long-term notes payable are similar to short-term interest-bearing notes payable except the term…

Q: Thomas Corporation’s adjusted trial balance contained the following liability accounts at December…

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

Q: A company acquires assets recorded at $240,000 by paying $120,000 cash and taking on a 12 year…

A: Loan =240000-120000=120000/24=$5000 So instalment $5000 semi annual…

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: The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2008, contained the…

A: The long term liabilities are the liabilities that are to be paid after more than one year.

Q: ⦁ ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: The company issued a ₱66,501 10% 120-day Notes Payable on September 30, 2020.  The adjusting entry…

A: Given information: Principle = 66,501 Rate of interest = 10% Period of note = 120 days

Q: On October 1, 2019, a company acquired land by issuing a two-year note, 12%, P4,000,000 note…

A: Interest expense = Face value of notes x rate of interest x no. of months / 12

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

A:

Q: On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Compute the December 31, 2020, amount of equity. Compute the debt to assets ratio at December 31,…

A: Hi student Since there are multiple questions, we will answer only first question. For first…

Q: On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the…

A: Interest will be recognized on $74700 and the interest rate charged is 10%.  Amount of interest…

Q: Pam Company borrowed $75,000 on June 1, 2020, by issuing an 11-month, 8% interest-bearing note. The…

A: The note was issued for 11 month on June 1,2020.

Q: Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12%, interest-bearing…

A: Interest expense recorded on March 31, 2020 = Amount borrowed x rate of interest x no. of months/12