Tell whether each of the following liabilities is definitely determinable or an estimate: salaries payable, warranty liability, and notes payable.
Answer to relevant QuestionsSwift Company has the following obligations at December 31: (a) A note payable for $10,000 due in 18 months; (b) Unearned revenue of $12,500; (c) Interest payable of $15,000; (d) Accounts payable of $60,000; (e) Note payable ...Data Company was able to issue (sell) $100,000 of 6% bonds for $110,000 because its credit rating is excellent and market interest rates have fallen. How much interest will be paid in cash during the first year? Will the ...Grace’s Gems purchased some property on December 31, 2011, for $100,000, paying $20,000 in cash and obtaining a mortgage loan for the other $80,000. The interest rate is 8% per year, with $2,925 payments made at the end of ...Sugar Fudge Co. issued $50,000 worth of 10% bonds for $50,000. The interest is paid annually on June 30.1. What are the interest payments for the first two years?2. Was the market interest rate higher or lower than 10% at ...When Boyd Pools installs a pool, it provides a three-year warranty (from the date of the sale) for any repairs needed that are not considered general maintenance. If a pool should need to be repaired in the first three years ...
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