What amount should be reported as total noncurrent liabilities?
Q: three primary types of current liabilities. What are they?
A: The current liabilities are obligations that are meant to be paid by the company within one year.
Q: What three factors influence the dollar amount reportedfor liabilities?
A: Balance sheet have the dollar amount of liabilities, equity and assets of an entity. Liabilities are…
Q: Explain Long-term liabilities?
A: The balance sheet of the business represents the financial position of the business with assets and…
Q: on-current Liabilities
A: The non current liabilities as,
Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…
A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…
Q: total liabilities
A: A liability is an obligation that required outflow of economic benefits inorder to settle the same…
Q: According to IAS 1, what are the classification of liabilities? O Current, noncurrent, estimated and…
A: Answer - According to IAS 1 - Liabilities are basically classified as Current and Non Current…
Q: Describe the nature, valuation, and reporting of current liabilities.
A: Current liabilities: The debt obligation owed by a company to creditors and suppliers and is to be…
Q: what conditions are not necessary to exclude a short term obligation from current liabilities?
A: Current liabilities: It refers to short term financial obligations that are to be discharged within…
Q: What is the correct amount of ABC Company's total liabilities?
A: Answer:
Q: Current liabilities are _____.
A: Current liabilities: Current liabilities include liabilities with maturity less than a year…
Q: Liabilities are generally classified on a statement of financial position as a. present liabilities…
A: Liability means the amount which is to be paid to an outsider by business. It is the present…
Q: Difference between current and long term liabilities?
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: Explain the characteristics of liabilities.
A: Liabilities: It refers to the debts owed by the business for outside entities as a result of…
Q: How are the terms “probable,” “reasonably possible,”and “remote” related to contingent liabilities?
A:
Q: what is total liabilities?
A: Solution- Total Liability-Total liabilities are the combined debts and obligations that an…
Q: List of Current Liabilities
A: Current liabilities are those liabilities of an entity which are payable in one year or entity’s…
Q: What is liabilities?
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…
A: The liabilities are the amount payable by the business to the outsiders or creditors.
Q: What is the difference between "change in current assets" and "change in liabilities?
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: On the balance sheet, liabilities are generally classified as a. current or long term b. legal or…
A: Current Liabilities Long term liabilities
Q: istinguish between current and long-term liabilities
A: Current Liabilities: Current liabilities also known as short term liabilities. The liabilities which…
Q: Liabilities are
A: Balance sheet includes the assets, liabilities and stockholders' equity of the company that…
Q: What are the advantages of matching the maturities of assets and liabilities? What are the…
A: Matching the maturities of assets and liabilities refers to matching the similar category of assets…
Q: Describe the obligations of long term liabilities.
A: Long-term liabilities: Long-term liabilities are obligations that the company needs to pay after at…
Q: Define spontaneous liabilities
A: Liabilities are the money owed by the company to outsiders. These liabilities can be classified as…
Q: What are the audit procedures used to identify contingent liabilities?
A:
Q: Describe When Short-Term Obligations of liabilities Are Expected to Be Refinanced.
A: Short-term obligations are the current liabilities of an enterprise that is required to be fulfilled…
Q: What are the current liabilities? Give some examples of current liabilities?
A: Definition: Liabilities: The claims creditors have over assets or resources of a company are…
Q: What are the various types of long term liabilities? Name them.
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: How is internal control applied to liabilities?
A: It is often seen that frauds, employees thefts, and manipulation of records incur in the…
Q: How are liabilities classified? Why is it important to classify liabilities?
A: A liability is a present obligation of the enterprise arising from past events, the settlement of…
Q: Which of the following liabilities would be considered nonrecourse?
A: "As the student have not been given the options to choose the nonrecourse liabilities, I will give…
Q: gent liab
A: Contingent Liability A contingent liability is an obligation that may arise as a result of the…
Q: In what way do current liabilities and long-term liabilities differ from each other?
A: Current liabilities are liabilities that are due within one year. In other words, current…
Q: Describe the terms of Contingent Liabilities with examples.
A: Contingent liability: This is an uncertain obligation that might be incurred on a future date as a…
Q: What is the relationship between provisions, onerous contracts, contingent liabilities and other…
A: The book in which the company records all its transactions initially is termed as journal book. From…
Q: Give the examples of Accrued liabilities.
A: Accrued liabilities: The accrued liabilities means that the amount will be paid in the future…
Q: - adjusted total current liabilities
A: Current liabilities are the obligations repayable within a year. It is a part of liabilities' side…
Q: What are the three important questions concerning the uncertainty of liabilities?
A:
Q: Contingent liabilities that are probable and can be estimated are...
A: A contingent liability is an unforeseen obligation i.e. it has a potential risk that may occur in…
What amount should be reported as total noncurrent liabilities?
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- A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?This year AB Company has each of the following items in its income statement. Part A. Gross profit on instalment sales Revenues on long term construction contracts Estimated costs of product warranty contracts Premiums on officers’ life insurance policies as AB Company as beneficiary. Instructions: (a) Under what conditions would deferred income taxes need to be reported in the financial statements? (b) Specify when deferred income taxes would need to be recognized for each of the items above, and indicate the rationale for such recognition. Part B. AB Company’s president has heard that deferred income taxes can be classified in different ways in the balance sheet. Instructions: Identify the conditions under which deferred taxes would be classified as noncurrent item in the balance sheet. What justification exists for such classification?A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000
- DND Inc.'s December 31,2021 statement of financial position reported the following current assets: Cash, excluding payroll fund of P200,000 Accounts receivable Inventory Deferred tax assets including prepaid tax of P100,000 P 4,300,000 7,500,000 4,000,000 1,200,000 P17,000,000 An analysis of the accounts receivable disclosed that accounts receivable comprised the following: Trade accounts receivable Allowance for doubtful accounts Selling price of DND's unsold goods sent to Tar Inc. on consignment P 5,000,000 (500,000) at 150% of cost and excluded from DND's ending inventory 3,000,000 P7,500,000 On December 31,2021, what amount should be reported as total current assets?A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% Required: 1. How much is the taxable income?2. How much is the accounting income subject to tax?3. How much is the permanent difference?4. How much is the net temporary differences?The statement of financial position of Mackay Ltd as at 30 June 2021 showed the following assets and liabilities. Assets Cash Inventories Accounts Receivables Allowance for Doubtful Debts Plant Accumulated Depreciation- Plant Deferred Tax Asset Liabilities Accounts Payable Provision for Long Service Leave Provision for Annual Leave Rent Received in Advance Deferred Tax Liability Additional information 2021 8 000 17 000 50 000 (5 500) 50 000 (26 000) ? 29 000 6 000 4 000 2 500 ? 2020 8 500 15 500 48 000 (4 000) 50 000 (21 000) 4 050 26 000 4 500 3 000 2 000 3 150 • Accumulated depreciation of plant for tax purposes was $39 000 at 30 June 2021. • The tax rate is 30%. Required: Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts.
- An entity reported the following information during the first year of operations: Pretax financial income 9,000,000 Nontaxable interest received 1,000,000 Long-term loss accrual in excess of deductible amount 1,500,000 Tax depreciation in excess of financial depreciation 2,000,000 Income tax rate 30% What is the deferred tax liability at year-end?The following balances were taken from the books of Whispering Corp. on December 31, 2025. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,500 52,500 1,391,500 151,500 21,500 151,500 8,500 46,500 101,500 201,500 141,500 622,500 Assume the total effective tax rate on all items is 20%. Accumulated depreciation-equipment $41,500 Accumulated depreciation-buildings 29,500 Notes receivable Salling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings WHISPERING CORP. Income Statement 156,500 195,500 171,500 101,500 98,500 33,500 61,500 101,500 $ 151,500 Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g.…Azure Company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000 Interest income on time deposit 200,000 Depreciation deducted for income tax purposes in excess of financial depreciation P100,000 Income tax rate 30% How much is the permanent difference?A. 200,000B. 100,000C. 150,000D.350,000
- The accounting profit before tax for the year ended December 31, 2021, for JENDEUKIE Co. amounted to P175,900 and included: Interest income 11,000 Long-service leave expense Doubt ful debts expense 7,000 4,200 Depreciation - plant (15% p.a) Rent expense 33,000 22,800 Entertainment expense (non-deductible) 3,900 The draft statement of financial position at December 31, 2021 contained the following assets and liabilities: 2020 7,500 76,800 2021 Cash 9,000 Accounts receivable 83,000 (5,000) 67,100 Allowance for doubtful debts (3,200) Inventory 58,300 Interest receivable Prepaid rent 1,000 2,800 2,400 Plant 220,000 220,000 Accumulated depreciation - plant (99,000) (66,000) Deferred tax asset ? 30,360 2021 2020 73,600 61,000 Accounts payable 71,200 Provision for long-service leave 64,000 Deferred tax liability 720 Additional information: The tax depreciation rate for plant is 10% p.a., straight line. The tax rate is 30% The company has P15,000 in tax losses carried forward from previous…Part A: This year, Gumowski Company has each of the following items in its income statement. 1. Gross profits on installment sales. 2. Revenues on long-term construction contracts. 3. Estimated costs of product warranty contracts. 4. Premiums on officers' life insurance policies with Gumowski as beneficiary. Instructions a. Indicate where deferred income taxes are reported in the financial statements. b. Specify when deferred income taxes would need to be recognized for each of the items above, and indicate the rationale for such recognition. Part B: Gumowski Company's president has heard that deferred income taxes can be classified in different ways in the balance sheet. Instructions Identify the conditions under which deferred income taxes would be classified as a noncurrent item in the balance sheet. What justification exists for such classification?The following balances were taken from the books of Skysong Corp. on December 31, 2025. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,250 52,250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 141,250 622,250 Assume the total effective tax rate on all items is 20%. Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,250 29,250 156,250 195,250 171,250 101,250 98,250 33,250 61,250 101,250 151,250 501,250 22,250 Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per