1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
pav-90 [236]
3 years ago
7

The following items are found in the financial statements.

Business
1 answer:
Oksana_A [137]3 years ago
5 0

Answer:

(a) Discount on bonds payable  ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES

(b) Interest expense (credit balance)  ⇒ WHEN INTEREST EXPENSE IS INCLUDED IN THE INCOME STATEMENT IT HAS A DEBIT BALANCE, WHEN IT HAS A CREDIT BALANCE IT MEANS IT IS A LIABILITY AND MUST BE REPORTED IN THE BALANCE SHEET

(c) Unamortized bond issue costs  ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET, IT IS A CONTRA LIABILITY ACCOUNT

(d) Gain on repurchase of debt  ⇒ SHOULD BE REPORTED IN THE INCOME STATEMENT AS PART OF OTHER GAINS AND LOSSES

(e) Mortgage payable (payable in equal amounts over next 3 years)  ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES (UNDER CURRENT AND LONG TERM LIABILITIES)

(f) Debenture bonds payable (maturing in 5 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

(g) Notes payable (due in 4 years)  ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

(h) Premium on bonds payable   ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES (REDUCES BONDS PAYABLE)

(i) Bonds payable (due in 3 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

You might be interested in
Warren Company has taken a position in its tax return to claim a tax credit of $30 million (direct reduction in taxes payable) a
shutvik [7]

Answer:

The correct answer is $84 million.

Explanation:

According to the scenario, the computation of the given data are as follows:

Taxable income = $255 million

Tax rate = 40%

Tax credit = $30 million

So, Current tax payable = $255 million × 40% = $102 million

So, Net current tax payable = Current tax payable - Tax credit

= $102 million - $30 million

= $72 million

So, we can calculate the total income tax expense by using following formula:

Total income tax expense = net current tax payable + Additional projected liability

= $72 million + ( $30 million - $18 million)

= $72 million + $12 million

= $84 million

5 0
4 years ago
Question 10 (5 points)
Shkiper50 [21]

Answer:

I think it's a store manager who is paid an hourly rate

Explanation:

5 0
3 years ago
Read 2 more answers
5. A firm currently produces its desired level of output. Its marginal product of labor is 400, its marginal product of capital
gizmo_the_mogwai [7]

Answer:

D.

Explanation:

Firms will hire more labor when the marginal revenue product of labor is greater than the wage rate, and stop hiring as soon as the two values are equal.

7 0
4 years ago
Suppose that you go to a bank at which you have no account, give the bank cash, and in return obtain a check drawn against that
igomit [66]

Answer:

Cashier's check.

Explanation:

These checks are said to be quaranteed and issued in the bank by the banking institute. It contains the name of the receiver receipiant which has been inscribed in the check by the banking institute or credit union attached to the receiver also with the amount of money written on it. This amount written on it is known to be the withdrawable amount.

The cashier's check can be sent out in form of a letter, fax or even a mail to the intended persons or organisation making the withdrawal.

Here, monies which are been orders are easily secured by use of a cashier’s checks.

3 0
4 years ago
xcel how many months can a life insurance policy normally be backdated from the date of the application
belka [17]

6 Months can be a life insurance policy normally be backdated from the date of the application.

For Example:- Suppose, he/she purchased a policy with maturity duration of 20 years in March 2022 and backdated it to October 2021, the maturity benefits of the endowment policy can be reaped a year before in October 2041 than the initial date in March 2042.

#SPJ4

4 0
1 year ago
Other questions:
  • When i was fifteen, i asked my mom if i could go visit my cousin, who lived across the country. "if you can [wol] up enough baby
    8·2 answers
  • Jose deposits a $400 check in College Bank. The reserve requirement is 20%. Required reserves are $_____. Please choose the corr
    12·1 answer
  • _________ payments are known as lump sums. We can solve for the future value or the present value of a lump sum as we discuss be
    6·1 answer
  • the personal computer is designed to be used by how many people at a time? select one: a. 1 b. 2 c. 3 d. 4
    10·1 answer
  • What contributions can a career management program make to an organization that is forced to downsize its operations?
    14·1 answer
  • On Friday, Billy mails Andrew an offer, which Andrew receives on Monday. On Tuesday, Billy mails Andrew a revocation, which Andr
    5·1 answer
  • Chicago Investors, Inc. is interested in preserving a certified historic structure in downtown Chicago in 2019. The building wil
    10·1 answer
  • The balance in the prepaid rent account before adjustment at the end of the year is $16,212, which represents 6 months' rent pai
    15·1 answer
  • Create a personal budget given $2000.00 on how you would spend or save it. Be specific. INCLUDE RENT, GROCERIES, BILLS, AND SPEN
    5·1 answer
  • Assume year 1 is 2019 and by the beginning of year 4, the Sanchezes have paid down the principal amount of the loan to $500,000.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!