Complete Cogburn's December 31, Year 4, balance sheet using the information below. Each of the items may be reported as either a current or noncurrent liability. Enter the appropriate amounts in the associated cells. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank.ItemCurrent liabilityNoncurrent liability1. During the year, Cogburn received $150,000 in unearned revenues. At December 31, Year 4, Cogburn had earned $50,000 of this amount. 2. Cogburn has $250,000 of bonds payable due in Year 5 that have a discount of $12,500 associated with them. 3. A bank note of $1,000,000 with a maturity date of June 30, Year 5, was refinanced with a 15-year loan on January 25, Year 5. The first principal payment is due January 25, Year 6. 4. At December 31, Year 4, Cogburn had a deferred income tax liability of $25,000, arising from depreciation. 5. On December 18, Year 4, Cogburn declared a $.75 per share dividend to common shareholders, payable on January 18, Year 5. Cogburn has issued 750,000 shares of common stock, of which 20,000 shares are held in treasury.

Current liabilities are those amounts that are due to be paid within a year. These are short-term…

Answered: Complete Cogburn's December 31, Year 4,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Complete Cogburn's December 31, Year 4, balance sheet using the information below. Each of the items may be reported as either a current or noncurrent liability. Enter the appropriate amounts in the associated cells. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank.

Item	Current liability	Noncurrent liability
1. During the year, Cogburn received $150,000 in unearned revenues. At December 31, Year 4, Cogburn had earned $50,000 of this amount.
2. Cogburn has $250,000 of bonds payable due in Year 5 that have a discount of $12,500 associated with them.
3. A bank note of $1,000,000 with a maturity date of June 30, Year 5, was refinanced with a 15-year loan on January 25, Year 5. The first principal payment is due January 25, Year 6.
4. At December 31, Year 4, Cogburn had a deferred income tax liability of $25,000, arising from depreciation.
5. On December 18, Year 4, Cogburn declared a $.75 per share dividend to common shareholders, payable on January 18, Year 5. Cogburn has issued 750,000 shares of common stock, of which 20,000 shares are held in treasury.

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