Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in 90 days) $22,500, Salaries and Wages Payable $4,000, and Income Taxes Payable $7,000. Prepare the current liabilities section of the balance sheet.

Q: At December 31, 2020, Crane Corporation owes $ 514,900 on a note payable due February 15, 2021. (a)

A: A current liability is a debt that must be paid up either this year or next year, whichever comes…

Q: Intercom Company is planning to refinance certain short-term obligations on a long term basis. The…

A: Solution are as follows.

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: Jamison Company has the following obligations at December 31: For each obligation, indicate whether…

A: Current liabilities: Liabilities which have to be paid  within one year or one operating cycle,…

Q: Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown…

A: Introduction:- Liabilities are classified into two types as follows under:-: Current liability…

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: 1 The Creative Electronics Company shows the following selected adjusted account balances as a…

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

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: The following payroll liability accounts are included in the ledger of Ayayai Company on January 1,…

A: In journal entries for the liabilities, the liability is debited and cash is credited.

Q: In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and…

A: Balance Sheet:   It is a financial statement that reports the financial position of an organization…

Q: On September 1, 2019, a company borrowed cash and signed a 1-year, interest-bearing note on which…

A: Current liabilities : The obligations owed by a company to creditors and suppliers and are to be…

Q: United Supply has a $45 million liability at December 31, 2021, of which $9 million is payable in…

A: Current liability: Liabilities which have to be paid with in next one year from the date of the…

Q: cumulated Depreciation—Equipment –0–Equipment…

A: An adjusting journal entry is a common type of entry in a firm's general ledger that takes place at…

Q: On August 1, 2020, a company borrowed cash and signed a one-year interest-bearing note on which both…

A: A current liability is a liability that has a settlement period of less than 12 months whereas a non…

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: The total long-term liabilities reported on the balance sheet are     $3261000.   $3248000.…

A: Long Term liabilities are those liabilities which are payable beyond 1 Year from the Reported date.

Q: Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown…

A: Current Liabilities  are  the  obligations that is payable within one year. Long term liabilities…

Q: Presented here are liability items for Carter Inc. at December 31, 2017. Prepare the liabilities…

A: Current liability: Liabilities which have to be paid with in next one year from the date of the…

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, 2019, a company borrowed cash and signed a 1-year,interest-bearing note on which…

A: the current liabilities are the liabilities that are to be paid off within one year.

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: What is the total amount of current liabilities?

A: Current Liabilities are those liabilities or obligations which are to be paid within next one year.

Q: On October 1, 2021, Smash Company discounted its own note of $500,000 at 10% for 1 year. In its…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

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: On January 1, 2019, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A: 1. Calculation for Bonds Issuance Entry  A) Discount on issue of bonds.   = Bonds Issue price-Bonds…

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 January 1, 2020, Grouper Corporation issued $480,000 of 7% bonds, due in 10 years. The bonds were…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1.…

A: 1. If Rodriguez Corporation intends to refinance the liability of $25,000,000, it can exclude this…

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: 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: Hensley, Inc. reports the following liabilities (in thousands) on its January 31, 2020, balance…

A: Introduction: Balance sheet: All Assets  and liabilities are shown in Balance sheet. It tells the…

Q: Al Jabel Corporation is preparing financial statement for the year ended December 31, 2019. For each…

A: A current liability is a liability for an entity that is payable within the next financial year…

Q: Jamison Company has the following obligations at December 31: For each obligation, indicate whether…

A: A liability is classified as a current liability if it is expected to be paid within 12 months from…

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: Included in Witt Company’s liability account balance at December 31, 2021 were the following: 14%…

A: Current liabilities It is the debts a company owes that must be paid within one year.

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: ncluded in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Liability refers to the amount which is owned by the company to the outsiders. On the basis of…

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: The adjusted trial balance for Lifesaver Corp. at the end of the Current year, 2020, contained the…

A: Non-current liabilities are those which are not payable within a period of twelve months. It…

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: On 31 December 2019, a company's receivables totalled £400,000 and allowance for receivables of…

A: Allowance for receivables as at 31 December 2019 = Receivables x 10% = £400,000 x 10% = £40,000

Q: Brite Company provided the following data on December 31, 2020: Accounts payable Note payable, 8%…

A: Current liabilities are the liabilities which are due to be paid in the period of less than 12…

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: On January 1, 2020, Martinez Corporation issued $570,000 of 9% bonds, due in 8 years. The bonds were…

A: Premium on bonds payable = $603,210 - $570,000 Premium on bonds payable = $33,210

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

A: As per the requirement, the CL (Current Liability) section is given below:

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

A: Hence, the correct answer is option c ($2,068,000).

Q: The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its…

A: Given that ,  Accounts receivable = $ 107000 Accounts payable  =  $36800 15% notes payable to bank =…