Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2017: 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.

Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2017: 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.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 49P

See similar textbooks

Similar questions

On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
Included in Adams Company’s December 31, 2017, trial balance are the following accounts: Accounts Payable $220,000, Pension Liability $375,000, Discount on Bonds Payable $29,000, Unearned Rent Revenue $41,000, Bonds Payable $400,000, Salaries and Wages Payable $27,000, Interest Payable $12,000, and Income Taxes Payable $29,000. Prepare the current liabilities section of the balance sheet.
Phipps Company borrowed $50,000 cash on October 1, 2016, and signed a nine-month, 6% interest-bearing note payable with interest payable at maturity. Assuming that adjusting entries have not been made during the year, the amount
2 Presented here are liability items for Carter Inc. at December 31, 2017. Prepare the liabilities section of their balance sheet. Accounts payable $167,000 FICA taxes payable $ 7,800 Notes payable 20,000 Interest payable 40,000 (due May 1, 2018) Notes payable (due 2019) 80,000 Bonds payable (due 2021) 900,000 Income taxes payable 4,500 Unearned rent revenue 240,000 Sales taxes payable 1,700 Discount on bonds payable 41,000
The adjusted trial balance for Crane Company at the end of the current year, 2021, contained the following accounts. 5-year Bonds Payable 8% $2900000 Interest Payable 48000 The premium on Bonds Payable 98000 Notes Payable (3 months.) 38000 Notes Payable (5 yr.) 163000 Mortgage Payable ($13000 due currently) 198000 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 $3261000. $3248000. $3359000. $3346000.
The adjusted trial balance for Bonita Industries at the end of the current year, 2021, contained the following accounts. 5-year Bonds Payable 8% $ 2900000 Interest Payable 52000 Premium on Bonds Payable 101000 Notes Payable (3 months.) 38000 Notes Payable (5 yr.) 167000 Mortgage Payable ($ 15000 due currently) 198000 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
The adjusted trial balance for Vaughn Corp. at the end of the current year, 2018, contained the following accounts. 5-year Bonds Payable 8% $1480000 Interest Payable 51000 Premium on Bonds Payable 148000 Notes Payable (3 mo.) 42000 Notes Payable (5 yr.) 150000 Mortgage Payable ($10000 due currently) 300000 Salaries and Wages Payable 22000 Taxes Payable (due 3/15 of 2019) 21000 The total long-term liabilities reported on the balance sheet are $1920000. $2078000. $2068000. $1930000 2QUE S. Lamar performed legal services for E. Garr. Due to a cash shortage, an agreement was reached whereby E. Garr. would pay S. Lamar a legal fee of approximately $13600 by issuing 3400 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $3.70 per share. Given this information, the journal entry for E. Garr. to record this transaction is:…
On September 1, 2017, Brita Hawtof Company signed a $75,000, nine month, 6 percent note payable. The principal and interest was paid on the due date, May 31, 2018. Assuming Brita Hawtof Company’s accounting period ends on December 31, 2017, their journal entry made on May 31, 2018 would include: Debit to Interest Payable for $1,875 Debit to Interest Payable for $2,000 DebittoInterestExpensefor$2,500 DebittoInterestPayablefor$1,500 answer is D, explain with joural entries made on Dec 31 2017 and adjusting entries come May 21 2018.
Glover Corporation's trial balance for December 31, the end of its fiscal year, included the following accounts: Accounts Payable $32,000 Dividends Payable 25,000 Bond Payable, maturing in 9 years 36,000 Salaries Payable 8000 Note Payable, due in 1 year 20,000 Note payable, due in 5 years 70,000 The amount that should be classified as non current liabilities on Glover's December 31 balance sheet is ______
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.
The total liabilities of ABC Company for the period ending December 31, 2021 amounted to ₱300,000. This balance includes the following items: Notes Payable due in 3 years ₱100,000 Interest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions Income 12,000 Unused Office Supplies 5,000 What is the correct amount of ABC Company's total liabilities?
On June 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest expense should be reported in the 2017 income statement?