Question
can someone help me out with this please Liabilities on the Balance sheet for each of the following situations, indicate the amount shown as a
can someone help me out with this please Liabilities on the Balance sheet for each of the following situations, indicate the amount shown as a liability on the balance sheet of Kane, INC., at December 31: a. Kane has accounts payable of $110,000 for merchandise included in the year-end inventory. b. Kane agreed to purchase a $28,000 drill press in the following January. c. During November and December of the current year, Kane sold products to a firm and guaranteed them against product failure for 90 days. Estimated costs of honoring this provision next year are $2,200. d. On December 15, Kane declared a $70,000 cash dividend payable on January 15 of the following year to shareholders of record on December 31. e. Kane provides a profit-sharing bonus for its executives equal to five percent of the reported before-tax income for the current year. The estimated before-tax income for the current year is $600,000.
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