At December 31, Trumpette Drapes owes $59,000 on accounts payable, plus salary payable of $15,000 and income tax payable of $13,000. Trumpette Drapes also has $270,000 of bonds payable that require payment of a $25,000 instalment next year and the remainder in later years. The bonds payable also require an interest payment of $5,500 at the end of each year. Report Trumpette Drapes’ liabilities on its year-end classified balance sheet.
Answer to relevant QuestionsPine City Company had the following balances as of December 31, 2014: Total Current Assets.................................. $154,000 Total Long-Term Assets............................ 501,000 Total Current ...Daffy Corporation issued 4%, 20-year bonds payable with a maturity value of $330,000 on January 31. The bonds were issued at par and pay interest on January 31 and July 31. Record (a) Issuance of the bonds on January 31, ...Jordan, Corp. completed the following transactions in 2014: Jan 1 Purchased a building costing $100,000 and signed a 10-year, 10% mortgage note payable for the same amount. Jun 30 Made the first semiannual payment on the ...Budai Inc. completed the following transactions during the month of December. The company's fiscal year ends on December 31. The HST of 13% is included in all purchases and sales. Cost of goods sold is 50% of the ...In this exercise we will continue the accounting for Graham’s Yard Care, Inc. Assume that on September 1, 2014, Graham’s Yard Care, Inc. borrowed $5,000 from First National Bank, signing a nine-month, 10% ...
Post your question