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
DiKsa [7]
3 years ago
9

Other financial data for the year ended December 31, 2020: Included in accounts receivable is $1,200,000 due from a customer and

payable in quarterly installments of $150,000. The last payment is due December 29, 2022. During the year, estimated tax payments of $525,000 were charged to income tax expense. The current and future tax rate on all types of income is 30%. In Reese's December 31, 2020 balance sheet, the current liabilities total is
Business
1 answer:
shepuryov [24]3 years ago
4 0

Answer:

$2,500,000

Explanation:

Calculation for the current liabilities total

Account payable and Accrued Liabilities $1,761,000

Add Income tax payable $654,000

Add Deferred income tax liability $85,000

Current liabilities total $2,500,000

($1,761,000+$654,000+$85,000)

Therefore the Current liabilities total is $2,500,000

You might be interested in
On January 1, 2017, Waterway Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base
nikklg [1K]

Answer and Explanation:

The journal entries are as follows;

a. On Jan 1

No journal entry is required

b. On Feb 5

Contra asset Dr $1,320

        To Sales revenue $1,320

(being sales revenue is recorded)

Cost of goods sold Dr $670

            To Inventory $670

(being cost of goods sold is recorded)

c. On Feb 25

Cash $3,300

Contra asset Dr $1,320

        To Sales revenue $1,980

(being sales revenue is recorded)

Cost of goods sold Dr $300

            To Inventory $300

(being cost of goods sold is recorded)

5 0
2 years ago
Pastoria Enterprises has scheduled raw material purchases of $100,000 in January, $130,000 in February, and $150,000 in March. T
IRINA_888 [86]

Answer:

B

Explanation:

The question asks to calculate how much will be disbursed by the company in February.

Firstly , we know that the company disburses 75% in the month of purchase and 25% during the month after purchase.

Now, 75% of $130,000 would be disbursed as February’s own payment:

Mathematically 75/100 * 130,000 = 97,500

Also, we should not forget that the company disburses 25% of previous month during the current. That is 25/100 * 100,000 = 25,000

Total amount disbursed is thus 25,000 + 97,500 = $122,500

6 0
2 years ago
A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n)________.
ozzi

Answer:

d. account This answer is correct

Explanation:

There are various types of accounts that are reported in the financial statements. The financial statement comprises of the income statement, balance sheet, statement of stockholder equity and the cash flow statement.

The recording of the increase in the specific asset, liability, revenue, expense, etc is called as an account

Just in net income, the revenue and expense account is reported. The asset, liability, stockholder equity which is reported in the balance sheet. The change in the values of the item is reported in the respective amount

7 0
3 years ago
You have learned from your training materials that the integration-responsiveness framework juxtaposes the opposing pressures fo
Karolina [17]

Answer:

aswer is

Explanation:

because is Hp is globally science

4 0
3 years ago
An email message that appears legitimate arrives in your inbox from your bank and asks you to click on a link in the message and
Whitepunk [10]
The answer is Phishing attack
6 0
3 years ago
Other questions:
  • he Snella Company reports 2015 Pre-tax Net Income of $10,000. The following items exist:Premiums Paid for Key Officer Life Insur
    8·1 answer
  • Ace Company purchased a machine valued at $328,000 on August 1. The equipment has an estimated useful life of six years or 2.5 m
    13·1 answer
  • Suppose that when a student is caught lying about completing his homework, he is not allowed to participate in afternoon recess
    15·1 answer
  • On November 1, 2021, New Morning Bakery signed a $191,000, 6%, six-month note payable with the amount borrowed plus accrued inte
    10·1 answer
  • Brian, the operations manager in a company that manufactures light bulbs, calculates the daily productivity at the factory by de
    7·1 answer
  • If Cute Camel ever goes bankrupt, its common stockholders will be paid off first, then its debtholders and preferred stockholder
    9·1 answer
  • ___ is any direct to a consumer or business recipient that is designed to generate a response in the form of an order, a request
    6·2 answers
  • Hyperion, inc. currently sells its latest high-speed color printer, the hyper 500, for $350. its cost of goods sold for the hype
    15·1 answer
  • Last year Wei Guan Inc. had $795 million of sales, and it had $265 million of fixed assets that were used at 65% of capacity. In
    13·1 answer
  • Which of the following is the process of identifying and documenting the functional and physical characteristics of a work produ
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!