1 On September 1, 2020, a company borrowed $90,000 from its bank and signed a nine month note with 7 interest The principal and interest on the loan are to be paid when the note matures What is the total amount related to this loan that should be reported under current liabilities on the companys December 31, 2020, statement of financial position (Round answers to 0 decimal places, e g 14,674 ) Total amount $ 2 The balance in a companys long term mortgage payable account on December 31, 2020, is $168,000 This is to be repaid at the rate of $28,000 per year for the next six years How should this liability be reported on the companys statement of financial position on December 31, 2020 Current Assets Current LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' Equity $ Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' Equity $ 3 During the spring and summer of 2020, the Prairie Predators hockey team sold 3,000 season tickets for the 20202021 hockey season Each of the season tickets was sold for $500 and covered 20 games, with 8 to be played in the fall (October to December) and 12 in the winter (January to March) What is the effect on the teams financial statements when the season tickets are sold What amount of liability (if any) related to the season tickets should be reported on the teams December 31, 2020, statement of financial position Prepaid ExpensesRevenueUnearned RevenueExpenses $ Amount of liability $ 4 During the current year, a company sold 12,000 units of a product that was covered by a two year assurance warranty against defects Experience indicates that approximately 4 of the units sold will require warranty repairs, at an average cost of $70per unit The actual costs incurred during the year for repairs under the warranty totalled $7,900 What amount of liability (if any) should be reported on the companys statement of financial position at the end of the current year Amount of liability $

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1. On September 1, 2020, a company borrowed $90,000 from its bank and signed a nine-month note with 7% interest. The principal and interest on

1. On September 1, 2020, a company borrowed $90,000 from its bank and signed a nine-month note with 7% interest. The principal and interest on the loan are to be paid when the note matures. What is the total amount related to this loan that should be reported under current liabilities on the companys December 31, 2020, statement of financial position? (Round answers to 0 decimal places, e.g. 14,674.)

Total amount

2.The balance in a companys long-term mortgage payable account on December 31, 2020, is $168,000. This is to be repaid at the rate of $28,000 per year for the next six years. How should this liability be reported on the companys statement of financial position on December 31, 2020?

Current Assets /Current LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' Equity	$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' Equity	$

3.During the spring and summer of 2020, the Prairie Predators hockey team sold 3,000 season tickets for the 20202021 hockey season. Each of the season tickets was sold for $500 and covered 20 games, with 8 to be played in the fall (October to December) and 12 in the winter (January to March). What is the effect on the teams financial statements when the season tickets are sold? What amount of liability (if any) related to the season tickets should be reported on the teams December 31, 2020, statement of financial position?

Prepaid ExpensesRevenueUnearned RevenueExpenses		$
Amount of liability		$

4.During the current year, a company sold 12,000 units of a product that was covered by a two-year assurance warranty against defects. Experience indicates that approximately 4% of the units sold will require warranty repairs, at an average cost of $70per unit. The actual costs incurred during the year for repairs under the warranty totalled $7,900. What amount of liability (if any) should be reported on the companys statement of financial position at the end of the current year?

Amount of liability