Week 5 - Individual Assignments - David Trejo

Week 5 - Individual Assignments - David Trejo - E13-1...

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E13-1 (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet? (a) Accrued vacation pay. Current liability (b) Estimated taxes payable. Current liability (c) Service warranties on appliance sales. Current liability or (depending on warranty term) Long-term Liability (d) Bank overdraft. Current liability (e) Employee payroll deductions unremitted. Current liability (f) Unpaid bonus to officers. Current liability (g) Deposit received from customer to guarantee performance of a contract. Current liability or (depending on duration of contract) non-current liability (h) Sales taxes payable. Current liability (i) Gift certificates sold to customers but not yet redeemed. Current liability (j) Premium offers outstanding. Current liability (k) Discount on notes payable. Current liability or Long-term liability (l) Personal injury claim pending. Assuming low probability and not being able to estimate loss - Disclosure (m) Current maturities of long-term debts to be paid from current assets. Current liability (n) Cash dividends declared but unpaid. Current liability (o) Dividends in arrears on preferred stock. Disclosure (footnote) (p) Loans from officers. Current liability or Long-term liability, as a separate recognition
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E13-7 (Adjusting Entry for Sales Tax) During the month of June, Rowling Boutique had cash sale $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be remit
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Week 5 - Individual Assignments - David Trejo - E13-1...

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