Information below were taken from the books and records of Easy Company as of December 31,...
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Information below were taken from the books and records of Easy Company as of December 31, 2017: Notes payable: arising from purchases of merchandise, $60,000; arising from loans from banks, $15,000; on which marketable securities valued at $20,000 have been pledged as security; arising from advances by officers: $18,000. Accounts payable: arising from purchases of merchandise, $70,000. Cash balance with First Bank, $21,000; Bank overdraft with Second Bank, $12,000. Dividends on preferred stock in arrears, $30,000. Cash dividends payable on common stock, $4,500. Withholding tax payable, $5,000. Serial bonds, $150,000, payable in semi-annual installments of $15,000 due June 30 and December 31 of each year. Advances from customers, $13,000. Estimated warranties expense on goods sold, $6,000. Estimated damages on breach of contract, $7,000. Accrued salaries payable, $9,500. Gift certificates sold to customers not yet redeemed, $10,000. Required: Prepare the current liabilities section of the statement of financial position for Easy Company on December 31, 2017. Information below were taken from the books and records of Easy Company as of December 31, 2017: Notes payable: arising from purchases of merchandise, $60,000; arising from loans from banks, $15,000; on which marketable securities valued at $20,000 have been pledged as security; arising from advances by officers: $18,000. Accounts payable: arising from purchases of merchandise, $70,000. Cash balance with First Bank, $21,000; Bank overdraft with Second Bank, $12,000. Dividends on preferred stock in arrears, $30,000. Cash dividends payable on common stock, $4,500. Withholding tax payable, $5,000. Serial bonds, $150,000, payable in semi-annual installments of $15,000 due June 30 and December 31 of each year. Advances from customers, $13,000. Estimated warranties expense on goods sold, $6,000. Estimated damages on breach of contract, $7,000. Accrued salaries payable, $9,500. Gift certificates sold to customers not yet redeemed, $10,000. Required: Prepare the current liabilities section of the statement of financial position for Easy Company on December 31, 2017.
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Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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