Reference no: EM133011456
Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021:
Accounts payable $25,000
Bonds payable, due 2030 22,000
Salaries payable 16,000
Notes payable, due 2022 20,000
Notes payable, due 2026 40,000
Problem 1: What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet?
a. $63,000
b. $41,000
c. $61,000
d. $101,000
Problem 2: An example of fraud would be
a. issuing a purchase order without first securing bids.
b. buying raw materials from an affiliated company.
c. knowingly classifying a material long-term receivable as a current receivable.
d. forgetting to accrue salaries payable.
Problem 3: Which of the following would be an amount computed using horizontal analysis?
a. The ratio of cost of goods sold to total sales for the current year.
b. The percentage change in the cash balance from last year to this year.
c. The difference between current assets and current liabilities at the end of the year.
d. The ratio of inventory to total assets at the end of the year.
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