Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $970,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Current liabilities:   Advances on magazine subscriptions   Federal income taxes payable   Total current liabilities

Q: Presley Company sells a product that includes a one-year warranty on parts and labor. During the…

A: Prepare the journal entries to record the estimated warranty costs.

Q: ly at a total price of P7,000 per unit. The company also incurred actual repair costs of P3,500,000…

A: Warranty means the undertaking given by the company selling the goods that in case of any defect ,…

Q: On December 31,2021, Teresa Co. sold goods costing ₱300,000 and with sales price of ₱550,000 to…

A: On 31.12.2021, Teresa Co. sold goods to Perfina Inc. on account = P550000 Cost of sales = P300000…

Q: On December 31, 2021, Party Company received two P 50,000 notes receivable from customers in…

A: Receivables are collected from the persons who owe to the business. A note is carrying on an…

Q: Bon Nebo Co. sold 18,000 annual subscriptions of Magazine 20XX for $44 during December 20Y8. These…

A: Given that Taxable income = $500000 Federal tax rate = 40%

Q: Pesto Company started its business in selling printers with three-year warranty. It estimates its…

A: Warranty means the undertaking given by the company selling the goods that in case of any defect ,…

Q: Bon Nebo Co. sold 12,500 annual subscriptions of Bjorn for $45 during December 20Y5. These new…

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

Q: On April 1, 2028, A Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for a…

A: In the above question, there are 2 separate questions, the first one is relating to Notes and 2nd is…

Q: Oriole Equipment Company sells computers for $1,220 each and also gives each customer a 2-year…

A: 1. Date Account Titles and Explanation Debit Credit 2020 Accounts Receivable ($1220*950)…

Q: Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during Decem-ber 20Y8. These…

A: Current Liabilities These are those liabilities which a company is obligated to pay within a year.…

Q: The following transactions transpired during the year for Teresa Company: • On January 1,2021,…

A: Since we answer upto three sub-parts, we shall answer first three. Please resubmit a new question…

Q: Everdeen Company sells computers for P20,000 eachand also gives each customer a 3-year warranty that…

A: Warranty is a form of assurance being given by the seller to the buyer that in case product will…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…

A: Interest = Principal x rate of interest x no. of months / 12 months

Q: On December 28, 2018, Tristar Communications sold 10 units of its new satellite uplink system to…

A: Cash discount: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: On May 1, 2020, Christina Fashions borrowed $106,000 at a bank by signing a four-year, 6% loan. The…

A: Interest payable is a liability any individual or company owes for the obligation to be repaid. It…

Q: On the first day of each month, Bell Company received from Kaye Company an escrow deposit of…

A: The term escrow means the holding of an asset or money by a third person or party before…

Q: On January 1, Lessor Company signed a 1-year rental with quarterly payments of P100,000 due at the…

A: The Answer is

Q: Bon Nebo Co. sold 15,500 annual subscriptions of Magazine 20XX for $59 during December 20Y8. These…

A: Federal income tax payable = taxable income x tax rate = 576000 x 40% = $230,400

Q: .Show all entries are required concerning warranties for 2020 and the computations that justify the…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: a. How much is the amortization expense for the year 2021? b. How much is the franchise fee expense…

A: Purchase amount of franchise = 3,125,000 The estimated useful life of the franchise = 10 years…

Q: On January 1, 2014, ABC Company, a calendar-year firm, gave a loan to XYZ Enterprises  amounting to…

A: SOLUTION CARRYING VALUE IS AN ACCOUNTING MEASURE OF VALUE IN WHICH THE VALUE OF AN ASSET OR COMPANY…

Q: A company sold 8,000 units of its signature product for the calendar year ended December 31, 2020.…

A: The provision for warranty is created to record the estimated warranty Expenses for the period. The…

Q: Mackenzie Corp. is preparing the December 31, 2020, year-end financial statements, Following are…

A: Adjusting journal entries are accounting entries made at the close of the reporting year of a…

Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…

A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…

Q: In accordance with IFRS 15, how much is the balance of Unearned Revenue for Premium Claims at the…

A: Unearned premium revenue is a liability account that is used by an insurer to record that portion of…

Q: Bon Nebo Co. sold 15,500 annual subscriptions of Bjorn for $62 during December 20Y5. These new…

A: Federal income taxes payable = Taxable income x Federal tax rate = $604000*35% = $211,400

Q: Jayne Company presently pays its employees at the end of each week. The weekly payroll totals…

A: The amount of money that is delayed for the payment can be referred to as the float amount. The…

Q: B Company offered a cash rebate of P20 on each P150 package of ballpen sold during the current year.…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Bon Nebo Co. sold 19,000 annual subscriptions of Bjorn for $51 during December 20Y5. These new…

A: Federal Income tax payable = Taxable income * Tax rate

Q: Jade Larson Antiques owes $20,000 on a truck purchased for use in the business. Assume the company…

A:

Q: On May 1, 2020, Christina Fashions borrowed $106,000 at a bank by signing a four-year, 6% loan. The…

A: Interest is the amount paid over and above the principal amount to the lender. Basically, it is the…

Q: Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during December 20Y8. These…

A: Current liabilities: Liabilities are debt and obligations of a business. Current liability is the…

Q: n January 2021, Lite Inc. paid property taxes on its factory building for the calendar year 2021 in…

A: Solution: Property taxes is for whole year, therefore same should be recognized equally in each…

Q: The following transactions transpired during the year for Teresa Company: • On January 1,2021,…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given, then first question is to be…

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: At year-end, Thor Company issued a P 1,000,000 face amount note payable in exchange for services…

A: >Note Payables are the liabilities. >It can be issued in case of: --when goods are…

Q: Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be…

A: Income tax for the year = $ 140,000   1) Calculation of Income tax payment per quarter…

Q: Bon Nebo Co. sold 13,000 annual subscriptions of Bjorn for $46 during December 20Y5. These new…

A: Working Note: Total advance received = Annual subscription x Price per subscription  = 13,000 x $46…

Q: On October 1, Dalton Corp. borrows $100,000 fromNational Bank, signing a six-month note payable for…

A: Interest amount: Interest charged on the borrowed principal amount. Interest is charged…

Q: Bon Nebo Co. sold 19,000 annual subscriptions of Magazine 20XX for $60 during December 20Y8. These…

A:

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…

Q: Lynford Company sold 10,500 dishwashers for $1,100 each during 2021. The dishwashers are under…

A: Warranty liability is calculated by deducting the warranty cost from the warranty liability.

Q: Company Z manufactures printers, which comes with one-year warranty. During this year, Company Z…

A: Company Z sold 51000 units of printers during this year. Warranty cost to the company for every unit…

Q: EFG Corporation sold 10,500 dishwashers for P1,100 each during 2020. The dishwashers are under…

A: Warranty is a guarantee from the company that the product will be repaired or replaced. The working…

Q: During 2020, Buenas Company introduced a new product carrying a two-year warranty against defects.…

A: The question is based on the concept of Financial Accounting.

Q: Grant Co. had the following liabilities at December 31, the end of its fiscal year: Accounts Payable…

A: Solution: Under current laibilities, liabilities which are due in next one year are reported and…