10. Powell Corporation includes the following selected accounts in its general ledger at December 31, 2025:View the selected accounts.Prepare the liabilities section of Powell Corporation's balance sheet at December 31, 2025.Plus:Total LiabilitiesPowell CorporationBalance Sheet (Partial)December 31, 2025Selected Accounts-☑Notes Payable (long-term)55,000Bonds Payable (long-term)215,000Interest Payable (due next year)Sales Tax Payable$780640Accounts Payable20,000Premium on Bonds Payable5,950Salaries Payable1,840Estimated Warranty Payable1,000PrintDone

Detailed explanation:Liabilities are money or services owed by the company to creditors, suppliers,…

Answered: 10. Powell Corporation includes the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lappy 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
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?
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 answer
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…
1. What should be reported as total current liabilities? 2. What amount should be reported as total noncurrent liabilities?
Metlock, Inc. reports the following liabilities (in thousands) on its December 31, 2022, balance sheet and notes to the financial statements. Accounts payable $4,264.0 Mortgage payable $6,747.0 Unearned rent revenue 1,059.0 Notes payable (due in 2025) 336.0 Bonds payable 1,954.0 Salaries and wages payable 859.0 Current portion of mortgage payable 1,993.0 Notes payable (due in 2023) 2,564.0 Income taxes payable 266.0 Warranty liability—current 1,418.0 Create a balance sheet for the liabilities section of the balance sheet.
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 140,000.00
1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191 Deductible VAT = 10.000 TL Debt Remaining 391 Calculated VAT = 8.000 TL Credit Remainder Record the journal (daily book) regarding VAT offset.
What is the Required 1-3?
On December 31, 2021, Yohan Company provided the following information: Accounts Payable, Including deposits and advances from customer of P250,000 1,250, 000 Notes payable, including note payable to bank due on December 31, 2022 of 500,000 1.500,000 Share dividend payable 400,000 Credit balances in customer's account 200,000 Serial bonds payable in semi annual installment of 500,000 5,000,000 Accrued interest on bonds payable 150,000 Contested BIR tax assessment - possible obligation 300,000 Unearned rent income 100,000 Required: Compute the total current liabilities on December 31,2021
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4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.

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