Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 11, Problem 1QS
Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle?
_______ 1. Portion of long-term note due in 10 months.
_______ 2. Note payable maturing in 2 years.
_______ 3. Note payable due in 18 months.
_______ 4. Accounts payable due in 11 months.
_______ 5. FICA taxes payable. Classifying liabilities
_______ 6. Salaries payable.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Accounts payable due in 11 months.
Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Note payable due in 18 months.
Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.
Long Term Liability?
Chapter 11 Solutions
Principles of Financial Accounting.
Ch. 11 - On December 1, a company signed a 6,000, 90-day,...Ch. 11 - Prob. 2MCQCh. 11 - Prob. 3MCQCh. 11 - Prob. 4MCQCh. 11 - Prob. 5MCQCh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - What are the three important questions concerning...Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQ
Ch. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - What amount of income tax is withheld from the...Ch. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Refer to Samsungs recent balance sheet in Appendix...Ch. 11 - Which of the following items are normally...Ch. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - Prob. 4QSCh. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 9ECh. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 19ECh. 11 - Prob. 1APCh. 11 - Prob. 2APCh. 11 - Prob. 3APCh. 11 - Prob. 4APCh. 11 - Shown here are condensed income statements for two...Ch. 11 - Prob. 6APCh. 11 - Prob. 1BPCh. 11 - Prob. 2BPCh. 11 - Prob. 3BPCh. 11 - Prob. 4BPCh. 11 - Prob. 5BPCh. 11 - Entries for payroll transactions MLS Company has...Ch. 11 - Prob. 11SPCh. 11 - Prob. 1AACh. 11 - Prob. 2AACh. 11 - Prob. 3AACh. 11 - Beyond the Numbers Cameron Bly is a sales manager...Ch. 11 - Prob. 2BTNCh. 11 - Review the chapters opening feature about Tim...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Current Liabilities Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle? CL or LTL? 1. Portion of long-term note due in 12 months. 2. Note payable maturing in 2 years. 3. Note payable due in 18 months. 4. Note payable due in 11 months. -5. FICA taxes payable. .6. Salaries payable.arrow_forwardThe following items appear on the balance sheet of a company with a one-year operating cycle. Identify each item as a current liability, a long-term liability, or not a liability. Item 1. Current portion of long-term debt. 2. Notes payable (due in 6 to 11 months). 3. Sales taxes payable. 4. Bonus payable (to be paid in 60 days) 5. Warranty liability (6 months of coverage) 6. Prepaid Insurance (6 months of coverage) 7. Notes payable (due in 120 days). 8. Salaries payable. 9. Pension liability (to be fully paid to retired employees in next 11 months) 10. Bonds payable (due in 2 years) Classificationarrow_forwardAmong the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the balance sheet of Lance Company as a. current liabilities. b. intermediate debt. c. long-term liabilities. d. deferred charges.arrow_forward
- Which of the following accounts could not be classified as a current liability? Multiple Choice Unearned revenues. Accounts payable. Notes payable (due in 11 months). Current portion of long-term note payable. Notes payable (due in 5 years).arrow_forwardA current liability is a debt that can reasonably be expected to be paid Select one: a. between 6 months and 18 months. b. within one year or the operating cycle, whichever is longer. C. out of currently recognized revenues. d. out of cash currently on hand.arrow_forwardWhich of the following is a current liability? Borrowings due in 18 months Share capital Trade(Accounts) payable in 12 months Retained earningsarrow_forward
- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expensearrow_forwardThe debt is amortized by the periodic payment shown Compute (a) the number of payments required to amortize the debt, (b) the outstanding principal at the time indicated Payment Interval 1 month Conversion Period quarterly Outstanding Principal After: dth payment Dobt Principal Debt Payment Interest Rate $17.000 $1.265 6% (a) The number of payments required to amortize the debt is (Round up to the nearest integer.) (b) The outstanding principal is s (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)arrow_forwardA company needs to record six months of accrued interest on a four-year, 12%, $12,000 promissory note payable. How much interest expense should be accrued? $2,160 $720 $1,440 $1,080arrow_forward
- The debt is amortized by the periodic payment shown Compute (a) the number of payments required to amortize the debt, (b) the outstanding principal at the time indicated Debt PrincipalDebt Payment Payment Interval Conversion Period monthly Outstanding Principal After: 6th payment Interest Rate $16,000 $1,419 3 months 6% (a) The number of payments required to amortize the debt is Round up to the nearest integer.) (b) The outstanding principal is S (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed).arrow_forwarda. Within the short-term obligations of Lance Company, as of December 31, 2011, the date on which the Balance Sheet is prepared, there are Notes payable to Madison National Bank in the amount of $ 250,000. They are 90-day notes, which can be renewed for an additional 90 days. These notes should be classified in the Lance Company's Statement of Situation as: Current liabilities. Deferred charges. Long-term liabilities. Intermediate obligations.arrow_forwardThe debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt; (b) the outstanding principal at the time indicated. Debt Principal Debt Payment $17,000 $814 Payment Interval 1 month Interest Rate 8% Conversion Period quarterly Outstanding Principal After: 7th payment (a) The number of payments required to amortize the debt is (Round up to the nearest integer.) (b) The outstanding principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY