Reference no: EM132555192
Question 1: Define liabilities and distinguish between current and long-term liabilities.?
Question 2: On January 1, 2017, the ledger of Riccardo Company contains the following liability accounts.
Accounts Payable $52,000
Sales Taxes Payable 7,700
Unearned Service Revenue 16,000
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
Jan. 12 Performed services for customers who had made advance payments of $10,000.
Jan. 14 Paid state revenue department for sales taxes collected in December 2016 ($7,700).
Jan. 20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty.
Jan. 21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note.
Jan. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.
Instructions
2.(a) Journalize the January transactions.
2.(b) Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the Girard Bank note.)
2.(c) Prepare the current liabilities section of the balance sheet at January 31, 2017. Assume no change in accounts payable.
|
Enter the beginning balances in the accounts
: Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
|
|
What will be the total value of his investments
: If your mom does not save another penny, what will be the total value of his investments when he retires at age 80?
|
|
Prepare the current liabilities section of the balance sheet
: Prepare the current liabilities section of the balance sheet at January 31, 2017. Assume no change in accounts payable. Journalize the January transactions.
|
|
How is eva used to value a common stock
: How is EVA used to value a common stock?
|
|
Journalize the adjusting entries at january
: Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs
|
|
Expected to remain at current levels
: Ferrari is expecting to have sales increase next year from $4,000,000 to $5,000,000. They expect accounts receivable
|
|
What is the value of the stock if the investor expects
: It is estimated that the share will distribute profit per share of TL 0,2 in the first year, TL 0,3 in the second year, and TL 0,7
|
|
Calculate the nci share of equity as at june
: How item treated in the NCI journal entries (i.e., Step 5 of the consolidation process), which are used to calculate the NCI share of equity as at 30 June 2021.
|
|
What is the amount of your retirement fund
: What is the amount of your retirement fund and how much money do you need to invest today to achieve your goal and how much money do you need to invest today
|