The liabilities of Organic Foods are made up of $72,000 in notes payable as of its December 31 year-end. For those notes payable, $4,200 is due within the next year. Prepare the liabilities section of Organic Foods’s December 31 year-end balance sheet.
Q: [The following information applies to the questions displayed below.] O'Brien Company manufactures…
A: An income statement shows a company's revenues, expenses and profitability over a period of time. It…
Q: e on April 1 of the current fiscal year, which ends on December 31. When required, round your…
A: Answer :Depreciation expenses = (Equipment cost - Residual value) / Useful life Depreciation…
Q: E9.3 (LO 1), AP On March 1, 2022, Boyd Company acquired real estate, on which it planned to…
A: Given, Cash payment made for acquiring the real estate = $80,000 Demolished…
Q: A company sold 11,500 units last year for $21 each. Variable costs per unit were $2.00 for direct…
A: Lets understand the basics. Contribution margin per unit means a sales price per unit less variable…
Q: August 6 August 10 August 14 August 18 August 22 August 26 August 28 Purchased 100 units $25 each.…
A: FIFO states that the inventory purchased first would be sold first by the company. Whereas, LIFO…
Q: BE9.4 (LO 2), AP Gordon Chemicals Company acquires a delivery truck at a cost of $31,000 on January…
A: Depreciation is considered as expense and it is required to be deducted from the revenues in the…
Q: in step 2 solution 1 how do we reach the direct material cost of (104.20)? THe Direct materials of…
A: The answer to the question is already given in the detailed manner.
Q: On November 10, 2022, the total market value of company “BellaLimited” is $49 million dollars. In…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Current Attempt in Progress Sheffield Corp. sells MP3 players for $60 each. Variable costs are $50…
A: Net income is the amount received by an individual or business after deducting costs, allowances,…
Q: Question 2 Danny Company has inventory of $14,000 at 30 November 2022 and is engaged in the…
A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…
Q: The shareholders equity section of Batangas Corporation Statement of Financial Position at the end…
A: Issued shares are those shares which are sold or held by any shareholders irrespective of whether…
Q: asap Benson Limited is constructing a Power Plant which was completed on 31st December 2019. The…
A: When borrowing costs are anticipated to result in future economic advantages to the firm and can be…
Q: 30 Benson Auto Repair, Inc. is evaluating a project to purchase equipment that will not only expand…
A: The company may have investment alternatives and the company is required to evaluate which…
Q: 1. After all of the account balances have been extended to the Balance Sheet columns of the…
A: Assets :— It is the resources owned by company. It has debit balance. It is shown in debit column of…
Q: A borrower has two alternatives for a loan: (1) issue a $510,000, 120-day, 9% note or (2) issue a…
A: One of the source used by the business entities in order to meet the financial requirements is issue…
Q: Required information [The following information applies to the questions displayed below.] BMX…
A: Journal entry is the process of documenting commercial transactions for the first time in the books…
Q: Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners,…
A: Payroll meaning It refers to the process of paying salary to a company's employees. It starts with…
Q: 4. ABC Company has 100,000 shares of $5 par value stock issued and outstanding. It declares a 30%…
A: Stock dividend is distribution of accumulated profits in the form of shares instead of cash . On the…
Q: On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.…
A: Stockholders' equity represents the total stock issued by the company for an accounting period. It…
Q: Required information Use the following information for the Exercises 12-13 below. (Algo) [The…
A: Bank reconciliation statement A bank reconciliation statement refers to the summary of the bank and…
Q: Edile Accessories (EA) makes travel bags, both for sale under their own label ("Branded") and for…
A: Manufacturing overhead is all the indirect costs incurred during the production process. Its added…
Q: Trial balances for the home office and the branch of the Tony Co. show the following accounts before…
A: Branch inventory includes the goods which are shipped by the home office and the goods which are…
Q: The accounts payable balance at the beginning of the year was $85,000. The company purchased…
A: Given, Beginning balance of accounts payable = $85,000 Purchases on account = $380,000 Ending…
Q: During 2015, the following occurred: 1. Net income for 2015 was ¥35,000, including ¥12,000 in…
A: Statement of cash flow is the statement that is prepared by the company for the purpose of finding…
Q: Two debts, the first of $600 due nine months ago and the second of $1700 borrowed one year ago for a…
A: Future value of a present value is the value of that amount after taking into account the time…
Q: Budget for Fabrication Department Steelcase Inc. is one of the largest manufacturers of office…
A: Introduction:- Flexible budget means as follows under:- It adjusts values in respective of changes…
Q: a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue…
A: Requirement:-A Preparation of sales budget as follows under:- Note:- Sales in January $370,000…
Q: regulators
A: Banking regulators serve as a guidepost to monitor the activities of banks across the region. They…
Q: Barbara DeMarco CPA
A: We will compare the basis and FMV of each asset contributed by Barbara & Roberta to find out net…
Q: On January 2, 2022, Honesty Corporation purchased 80% of the THO outstanding shares of Character…
A: Consolidated net income is the total income of the group reduced by inter-company eliminations.
Q: pon bond with coupon payment=4.25, M=100, and n=2. Suppose ?1 = 4% and ?2 = 4.24%. Consider a…
A: Bond - Bonds are fixed-income securities that reflect loans from investors to borrowers (typically…
Q: M6-3 Recording Bad Debts LO6-2 Prepare journal entries for each transaction listed. a. During the…
A: Bad debt are those receivables which are uncollectible or the amount will not expected to be…
Q: Wellco paid off a bank loan of 17,500 in cash
A: Notes Payable - Notes is an instrument issued by the payer. It works as a promise by the payer to…
Q: Use the following balance sheet to answer questions 5-8 ($000) Cash 21 Demand Deposits 550…
A: Ans5 ) $ 22,000 Demand deposits = $ 550,000 banks expected liquidity requirement = = $ 550,000 ×…
Q: 4- What's the problem with seasonality and what function is used to remove this problem?
A: Seasonality is defined as a pattern of demand that changes with the seasons. The most common form of…
Q: ASAP An example of an intangible asset would be: Group of answer choices coal mine accounts…
A: Intangible assets are those that lack physical qualities. Intangible assets include intellectual…
Q: Journal Entry September 30: Sold 15 bicycles on special at $150 each and 5 golf club sets at $350…
A: JOURNAL ENTRIES Journal entries is the Process of Recording all Financial & Non Financial…
Q: Colleen purchased a hotel building on May 10, 2020 for $3,000,000. Determine the cost recovery…
A: Cost recovery is the ability of businesses to recover (deduct) the costs of their investments. It…
Q: Which of the following costs is not typically capitalized as part of an asset’s cost? A) initial…
A: Introduction:- Capitalized cost of asset consists of acquisition cost of asset and other costs are…
Q: Gibson is a retail company specializing in men's hats. Its budget director prepared the list of…
A: Budgeting is a management tool through which estimates in terms of revenue, expenses, and cash flows…
Q: Natural Resources The Hollister Company acquires a silver mine at the cost of $1,300,000 on January…
A: A journal is the books of the company in which company's records all business transactions in…
Q: Youngstown Glass Company manufactures three types of safety plate glass: large, medium, and small.…
A: Contribution margin per unit = Selling price per unit - Variable Cost per unit
Q: The following transactions were selected from the records of Ocean View Company: July 12 Sold…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process McCourt Company uses the…
A: Work-in-progress inventory is inventory that has begun but needs to be completed before it can be…
Q: On December 31. 2020, Paulson company issues a 4-year bond with a par value of $100,000, a contract…
A: Bond issuance is an act in which bond securities are provided by the company in return for cash or…
Q: The Gilster Company, a machine tooling firm, has several plants. One plant, located in St. Cloud,…
A: Plantwide overhead rate=(Departmental overheads+Plantwide overheads)Total direct labor hours
Q: Wookie Company issues 7%, five-year bonds, on January 1 of this year, with a par value of $101,000…
A: A journal entry is a record of a business arrangement in the accounting system of a company. Journal…
Q: Required (kindly explain): 1. Why is it necessary to examine the lapsing schedule for additions and…
A: Why is it necessary to examine the lapsing schedule for additions and disposals of property, plant…
Q: what is the difference between feint and gambit strategies?
A: A feint is a fake attack or maneuver designed to deceive an opponent. A gambit is a chess opening in…
Q: Backflush Costing: Variation 2 Potter Company has installed a JIT purchasing and manufacturing…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
The liabilities of Organic Foods are made up of $72,000 in notes payable as of its December 31 year-end. For those notes payable, $4,200 is due within the next year. Prepare the liabilities section of Organic Foods’s December 31 year-end balance sheet.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
- At the start of the current year, a company issued a $1,000,000 note to a bank. The company must pay the bank $200,000 plus interest each January 1 for the next five years starting at the beginning of next year. The company will report the note payable on its current year's balance sheet as O Current liabilities, $500,000; Long-term Debt, $500,000,0 Current liabilities, $200,000; Long-term Debt, $800,000. O Current liabilities, $800,000; Long term Debt, $200,000. 4 O Current liabilities, $1,000,000. O Long-term debt, $1,000,000.On July 1, 2020, Thomas Company, which follows calendar year accounting, issued $240.000 note to be repaid over four years in monthly installments of $5,000. What would be the proper balance sheet presentation of this transaction at December 31, year 2020. Show it: The Current Portion of the Long-Term Debt and the Long-Term Debt.On June 1, Davis Inc. issued an $81,200, 8%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar.
- On January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of which $540000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is: O Current liabilities, $540000; Long-term Debt, $1080000. O Current liabilities, $2160000. O Current liabilities, $540000; Long-term Debt, $1620000. O Long-term debt, $2160000.On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (a) Question Part Score (b) Question Part Score (c) 2/2 6/6 Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date > Account Titles DebitOn January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a seven-year, 9% installment note to Soros Bank. The note requires annual payments of $23,843, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $10,800 and principal repayment of $13,043. Required: A. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 1. Issued the installment note for cash on the first day of the fiscal year. 2. Paid the first annual payment on the note. B. Explain how the notes payable would be reported on the balance sheet at the end of the first year.
- DALLAS Corp. is preparing the December 31, 2020, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability $ 6,490 120-day note payable, 3% $ 83,000 Income tax expense 122,100 Unearned revenues 299,000 Mortgage payable, 4% 450,000 Warranty expense 6,700 Additional information: a. $11,100 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $129,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $143,000 given similar cases in the industry. c. During December, DALLAS had sales of $713,000. 4% of sales typically require warranty work equal to 20% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $111,800 of the Unearned Revenues remain unearned at December…On January 5, Daisy Co., which follows a calendar year accounting, issued $1,000,000 of notes payable of which $250,000 is due on January 1 each of the next four years. What would be the proper balance sheet presentation on December 31? Show the current liabilities and long-term liabilities. a. Current Liabilities; b. Long-Term Debt:A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record: (a) the issuance of the note and (b) the payment of the note at maturity, including interest.
