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Levart [38]
3 years ago
10

Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operatin

g cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability.
Item Classification
1. Notes payable (due in 13 to 24 months)
2. Notes payable (due in 6 to 11 months).
3. Notes payable (mature in five years).
4. Current portion of long-term debt.
5. Notes payable (due in 120 days).
6. FUTA taxes payable
7. Accounts receivable
8. Sales taxes payable.
9. Salaries payable.
10. Wages payable
Business
1 answer:
nignag [31]3 years ago
7 0

Answer:

1. Notes payable (due in 13 to 24 months)  - L

Long term because period of payment is over a year.

2. Notes payable (due in 6 to 11 months).  - C

Current because period of payment is under a year.

3. Notes payable (mature in five years).  - L

Long term because it will mature after a period of a year.

4. Current portion of long-term debt.  - C

Current because it deals with payment for the year.

5. Notes payable (due in 120 days).  - C

Current as it matures in less than a year.

6. FUTA taxes payable  - C

Taxes are for a single period making them current.

7. Accounts receivable  - N

This is an asset not a liability

8. Sales taxes payable.  - C

As this is this for the year, it is current.

9. Salaries payable.  - C

For the period so they are a current liability.

10. Wages payable - C

Concern one period so are a current liability.

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Answer:

The note payable will be presented in the financial statement at the face amount minus a discount calculated at the imputed interest rate.

Explanation:

The imputed rate is the rate at which the present value of the face amount of the note will be equal to the amount at which it is originally recorded.  

Notes issued or received in exchange for goods or services that do not bear interest at a fair rate are reported at an amount equal to the fair value of the note, the fair value of the goods or services, or the present value of the note using a fair interest rate, whichever is more readily determinable.  

The difference between the recorded amount and the face value is considered a discount and the applicable interest rate regardless of which method is used to value the note.

Because of this, the note is reported at its face amount minus a discount calculated at the imputed interest rate.

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As his company globalizes its business, Jordan faces cultural challenges related to differing ethical standards. To make ethical
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Answer:

embrace transparency and conduct all negotiations as openly as possible.

Explanation:

Jordan's company is expanding to become a global company, so he needs to consider different cultures and government regulations.

To succeed he will need to be open about processes in the organisation as there will be different interpretations from different culture types when communication is not clear.

Also he needs to be transparent to build trust in his globally distributed team.

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For Gundy Company, units to be produced are 5,280 in quarter 1 and 6,400 in quarter 2. It takes 2.0 hours to make a finished uni
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Answer:

Total cost= $350,400

Explanation:

Giving the following information:

For Gundy Company, units to be produced are 5,280 in quarter 1 and 6,400 in quarter 2. It takes 2.0 hours to make a finished unit, and the expected hourly wage rate is $15 per hour.

Quarter 1:

Direct labor cost= 5,280*2= 10,560 hours

Quarter 2:

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Total cost= (10,560 + 12,800)*15= $350,400

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Answer:

$135000

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Now, calculating preferred stock.

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Cumulative dividend paid to shareholder= (80000\times 2 + 80000) = \$ 240000.

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Total dividend paid= $375000.  

Dividend received by common stockholder= (\textrm {Total dividend paid - cumulative dividend paid})

⇒ Dividend received by common stockholder= (375000-240000)= \$ 135000

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