Mimi Company revealed the following account balances on December 31, 2020 Accounts payable. 1,500,000 Bonds payable, due 2021. 2,500,000 Discount on bonds payable. 300,000 Dividends Payable 800,000 Note payable, due 2022. 2,000,000 What amount should be reported in the statement of financial position as current liabilities?
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Mimi Company revealed the following account balances on December 31, 2020 Accounts payable. 1,500,000 Bonds payable, due 2021. 2,500,000 Discount on bonds payable. 300,000 Dividends Payable 800,000 Note payable, due 2022. 2,000,000 What amount should be reported in the
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- Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.Nicole company provided the following balances on december 31, 2020 Accounts Payable. 2,000,000 Payable, due 2021 3,000,000 Discount on Bonds Payable 100,000 Dividend Payable. 600,000 Notes Payable, due 2022. 1,000,000 What amount of current liabilities should be reported on December 31, 2020? Your answerLappy Company disclosed the following information on December 31, 2021: Accounts Payable P20,000 Notes Payable P40,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Compute for the CURRENT LIABILITIES as of December 31, 2021 *take note of the interest-bearing note
- On December 31, 2019, the bookkeeper of Tiger Company provided the following information: What is the total current liabilities on December 31, 2019? * Accounts payable, trade Dividends payable 3,600,000.00 600,000.00 Withholding tax payable 185,000.00 Notes payable, including note payable on bank due Dec 2024 of P200,000 1,800,000.00 Bank overdraft 300,000.00 Accrued interest on bonds payable 125,000.00 Bonds Payable,6% 5,000,000.00 Stock dividends payable 140,000.00The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $4,500,000 Less: Discount on bonds payable 315,000 $4,185,000 Ivanhoe decides to redeem these bonds at 101 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2020. what is the account title or explanation? what is debit or credited?With the stated information provided by Clover Inc as at Dec 31, 2021, prepare long-term liabilities section of its balance sheet in proper format: Bonds Payable which was due on 2025 =$900,000 Notes payable which was due on 2023=$85,000 Discount on Bonds payable=$30,000
- The balance sheet for Miley Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $1,000,000 Less: Discount on bonds payable 60,000 $940,000 Miley decides to redeem these bonds at 101 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2020. What is the account title or explanation? what is debit or credited ?Consider the following liabilities of Future Brands, Inc., at December 31, 2018, the company’s fiscal year-end.Should they be reported as current liabilities or long-term liabilities?1. $77 million of 8% notes are due on May 31, 2022. The notes are callable by the company’s bank, beginningMarch 1, 2019.2. $102 million of 8% notes are due on May 31, 2023. A debt covenant requires Future to maintain a currentratio (ratio of current assets to current liabilities) of at least 2 to 1. Future is in violation of this requirementbut has obtained a waiver from the bank until May 2019, since both companies feel Future will correct thesituation during the first half of 2019.Use the table for the question(s) below. Consider the following balance sheet: Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions) Assets 2019 2018 Liabilities and Stockholders' Equity 2019 2018 Current Assets Current Liabilities Cash 63.6 58.5 Accounts payable 87.6 73.5 Accounts receivable 55.5 39.6 Notes payable / short−term debt 10.5 9.6 Inventories 45.9 42.9 Current maturities of long−term debt 39.9 36.9 Other current assets 6.0 3.0 Other current liabilities 6.0 12.0 Total current assets 171.0 144.0 Total current liabilities 144.0 132.0 Long−Term Assets Long−Term Liabilities Land 66.6 62.1 Long−term debt 239.7 168.9 Buildings 109.5 91.5 Capital lease obligations −−− −−−…
- Canton Cave Company provided the following schedule of liabilities on December 31, 2019: Accounts payable Notes payable-bank Interest payable Mortgage payable-10% Bonds payable *Bank notes payable include two separate notes payable to First Bank > AP3, 000,000, 10% note issued March 1, 2018, payable on demand. Interest is payable every six 6,500,000 8,000,000 150,000 2,000,000 4,000,000 months. > A one-year, P5,000,000, 11% note issued January 2, 2019. On December 31, 2019, Canton Cave negotiated a written agreement with First Bank to replace the note with a 2-year, P5,000,000, 10% note issued January 2, 2020. *The 10% mortgage note was issued October 1, 2016 with a term of 10 years. > Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest within 10 days of the date the payment is due. On December 31, 2019, Canton Cave is three months behind in paying its required initial payment. The bonds payable are 10-year, 8% bonds,…Preparing a Debt Disclosure As of December 31, 2020, Dole Company’s long-term debt consisted of the following: $146,050—Unsecured note payable to bank due 2021. $517,500—Unsecured note payable to bank due 2023. $690,000—Unsecured note payable to bank due 2025. $103,500—Secured mortgage payable to bank due in equal installments 2021 through 2025. $184,000—Secured note payable to bank due in 2026. Prepare the required financial statement disclosure at December 31, 2020, indicating the amounts due in each of the next five years and thereafter. NotePayable Year 12021 Year 22022 Year 32023 Year 42024 Year 52025 Thereafter $146,050 Answer Answer Answer Answer Answer Answer 517,500 Answer Answer Answer Answer Answer Answer 690,000 Answer Answer Answer Answer Answer Answer 103,500 Answer Answer Answer Answer Answer Answer 184,000 Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer AnswerAt December 31, 2020, Stellar Corporation has the following account balances: Bonds payable, due January 1, 2029 Discount on bonds payable Interest payable $1,900,000 102,000 # 92,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications. (Enter account name only and do not provide descriptive information.) Stellar Corporation Balance Sheet (Partial) $ tA
