FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
9th Edition
ISBN: 9781119595649
Author: Kimmel
Publisher: WILEY
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7.Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021:
Accounts payable $26,800Bonds payable, due 2030 24,900Salaries payable 16,900Notes payable, due 2022 22,000Notes payable, due 2026 40,800
What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet?
Group of answer choices
$65,700
$43,700
$106,500
$68,600
The accountant for Jaemin Corporation prepared the following schedule of liabilities as of December 31,2022.
Accounts payable and accrued expenses 1,650,000Notes payable — trade 1,200,000Notes Payable — bank 8,000,000Wages and salaries payable 350,000Interest payable ?10% mortgage note payable 6,000,00012% mortgage note payable 4,500,000Bonds payable 10,000,000
The following additional information pertains to these liabilities: a. The bank notes payable include two separate notes payable to Minhyung Bank:(1) A P2,000,000, 8% note issued March 1, 2022, payable on demand. Interest is payable eachsix months. Jaemin already made the first semi-annual interest payment on August 31, 2022. (2) A 2-year, P6,000,000, 11 % note issued January 2, 2021. On December 30, 2022, after paying the accrued interest, Jaemin negotiated a written agreement with the Minhyung Bank to replace this note with a 2-year, P6,000,000, 10% note. The new note was issued January 2, 2023.b. The 10% mortgage note was…
The questions related to this section are based on the following scenario.The financial records of Mr. Tan as at 31 October 2020 is as follows:Creditors/ Payables $3,000 Office fittings $6,000 Operating expenses $7,000 Inventory-closing $6,000 Debtors/Receivables $4,050 Bank overdraft $9,100 Sales $50,000 Purchases $20,000
1.Based on the above scenario in this section. Compute the total liabilities?
2.Based on the above scenario in this section. compute the net profit?
Based on the above scenario in this section. Compute the gross profit?
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