Chap009 Probs Part 1

Chap009 Probs Part 1 - Chapter 09 Reporting and...

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Unformatted text preview: Chapter 09 - Reporting and Interpreting Liabilities Chapter 09 Reporting and Interpreting Liabilities MINI-EXERCISES M9–1. 1 st Year $600,000 × .11 × 1/12 = $5,500 2 nd Year $600,000 × .11 × 2/12 = $11,000 M9–2. October 1 Cash (+A)........................................................................ 290,000 Note payable (+L)........................................................ 290,000 December 31 Interest expense (+E, -SE).............................................. 7,250 Interest payable (+L).................................................... 7,250 9-1 Chapter 09 - Reporting and Interpreting Liabilities EXERCISES E9–1. Req. 1 (a) Current assets................................................................. $168,000 Current liabilities: Accounts payable........................................................ $56,000 Income taxes payable.................................................. 14,000 Liability for withholding taxes....................................... 3,000 Rent revenue collected in advance............................. 7,000 Wages payable............................................................ 7,000 Property taxes payable................................................Property taxes payable....
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This note was uploaded on 03/07/2012 for the course ACCT 225 taught by Professor Canace during the Spring '08 term at South Carolina.

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Chap009 Probs Part 1 - Chapter 09 Reporting and...

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