Following are pertinent facts about events during
Following are pertinent facts about events during the current year at Marineland Boats.
a. December sales totaled $404,000, and Marineland collected sales tax of 5%. The sales tax will be sent to the state of Washington early in January.
b. Marineland owes $75,000 on a long-term note payable. At December 31, 6% interest for the year plus $25,000 of this principal are payable within one year.
c. On August 31, Marineland signed a six-month, 6% note payable to purchase a machine costing $80,000. The note requires payment of principal and interest at maturity.
d. Sales of $909,000 were covered by the Marineland product warranty. At January 1, estimated warranty payable was $11,300. During the year, Marineland recorded warranty expense of $27,900 and paid warranty claims of $30,100.
e. On October 31, Marineland received cash of $2,400 in advance for the rent on a building. This rent will be earned evenly over six months.
Required
For each item, indicate the account and the related amount to be reported as a current liability on Marineland’s December 31 balance sheet.
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Answers
Status NEW
Posted 07 May 2017 06:05 PM
My Price 8.00
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Attachments
file 1494180941-2056107_1_636297163145674165_current-liability-accounts.xlsx preview (217 words )
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