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Liabilities

The document provides details of liability account balances for multiple companies on various dates. It asks what total amount should be reported as current liabilities based on the information provided for each individual company. The document contains 21 separate problems providing different liability information for different companies and asking to calculate the current liabilities amount.

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Gerald F. Salas
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403 views

Liabilities

The document provides details of liability account balances for multiple companies on various dates. It asks what total amount should be reported as current liabilities based on the information provided for each individual company. The document contains 21 separate problems providing different liability information for different companies and asking to calculate the current liabilities amount.

Uploaded by

Gerald F. Salas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 8

Problem 1-17 (AICPA Adapted)

Mill Company revealed the following

account balances on

December 31, 2016:

Accounts payable

1,500,000

Bonds payable, due 2017

2,500,000

Discount on bonds payable

f300,00C^

Dividends payable

800,000

Note payable, due 2018

2,000,000

What total amount should be reported as current liabilities?

'4,500,000

Problem 1-15 (IAA)

Ducky Company reported the following information at the

end of reporting period:

Accounts payable

1,000.000

Advances to employees

-46000

Unearned rent revenue


300.000

Estimated liability under warranties

250,000

"tash surrender value of officers' life insurance

-wfo0o

Bonds payable

6,000.000

Discount on bonds payable

500.000

Trademark

6^,000-

What amount should be reported in the statement of financial

position as total liabilities'

G.050,000

1,550,000

,050,000

6,095.000

d. T,095i,00u

Problem 1-16 (IAA)

Burma Company disclosed the

following

information

about

liabilities at year-cnd:

Accounts payable,
after deducting debit balances

in slip^pliers' accounts amounting to PlOO.OOO

4,000,000

Accrued expenses

1',500.000

Credit balances of customers' accounts;

500,000,

Stock dividend paynble

.1.000.000[

Claims for increase in wages and allowance by

employees of the entity, covered in a pending lawsuit

400.00(T

Estimated expenses in redeeming prize coupons

presented by customers

000,000

What total amount should be presented as current liabilities

at year-end?

6,700,000

'fi.600,000

i.00.000

17,7< 700,000

800000

problem 1-18 (AICPA Adnptcd)


Oar Company diacloaed the following liability account

balances on December 31, 2016:

Account* payable

l.900.000,

•Bondapayabl:

^tOO.OO}1

•prumium on bond* payablt

.^f200.00^

Deformd tax liability

400,00tf1

DividendapayabUe

600.000

Income tax payable

900,000

Note payable, due January 31,2017

600.000

The deferred tnx liability

is based on temporary differencea

that will reverne in 2018.

On December 31, 2016,

what total amount should be reported

as current liabilities?

7.100,000

A. 4,300,000

-3.900,000
d. 4,100,000

81

.19

(AICPA Adapted)

;ake >ecember31, 2016: Company

reported the following information on

^ccou"ts payable

800.000

Bondapayable, due 2017

3.000,000.

^remium on Deferred tax bonds payable

160,000 iiabUity

250,000

'he deferred tax liability

is not related to an asset for

fin^nciaT

accouriting purposes and is expected to reverse in

2017.

What

total amount should be reported as current liabilities

on December 31, 2016?

3,650,000

b.

4,200,000
3,900,000.

3.960,000

Problem 1-20 (AICPA Adapted)

1-20

(AICPA Adapted)

conpany

reported the following liability account

on December 31, 2016:

^^due 2017

'^',tt"'b°°d'p->:°"» ^d.<'nd payable due on ^fcet"7^'

400,

February 15,2018

'ote Payable due January

15,2018

1.200,000

deferred

tax different liability is based on temporary differences

"te'nming from depreciation method for financial

r®Portin<

ig

and income lax purposes.

What total

amount should be reported as current liabilities


on December 31,

2016?

6,400,000

7,200,000

7,400,000

7,600,000

problrm 1-21 (AICPA Adapted)

Bntf Company reporttd the

following

liribilitiw• on Dfc*mbcr

>Sl, 2016:

Account* paynble

600.000

Untcured not* payable. 8S. due July 1.2017

4.00aoo0

Accrued expenaca

350.000

Contingent liability

450.000'

Deferred tax liability

2SO.OOO

Senior bonds payable. 7%. due March 31.2017

6.000.000

What total amount should be reported ns current linibiliti*»'


10.360.000

10.160.000

IB^

9,900.000

BL

4.900.000

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