Question
From the following information, create the liabilities side of a balance sheet for ABC Company at December 31, 2XXX At the beginning of the year
From the following information, create the liabilities side of a balance sheet for ABC Company at December 31, 2XXX At the beginning of the year ABC had $500, 500 in Accounts Payable. During the year they had trade purchases on account of $750,000, and payments on account of $625,000. ABC has estimated their costs for utilities for December as $3,000, but they have not received or recorded the invoice as of the end of the year. As of the end of the year, ABC had $2,500 in customer deposits for work not yet completed. ABC has a $1,000,000 interest only loan (classified by the company as long-term debt). The interest for the year is accrued in December is not due to be paid until January 1. Interest on the note is based on a 5% annual rate. As of the end of the year ABC had $7,500 in wages that employees had earned but had not been paid for. ABC has a bank loan for $500,000. On this note $100,000 will be due within one year. December 1st ABC purchased equipment by securing a short-term loan for $25,000 due in six months. The loan has an annual interest rate of 6%. No payment was made during December. Accounts Payable Accrued Expenses Unearned Revenue Interest Payable Wages Payable Short-term Notes Payable Long-term Notes Payable Total
| From the following information, create the liabilities side of a balance sheet for ABC Company at December 31, 2XXX | |
| At the beginning of the year ABC had $500, 500 in Accounts Payable. During the year they had trade purchases on account of $750,000, and payments on account of $625,000. | |
| ABC has estimated their costs for utilities for December as $3,000, but they have not received or recorded the invoice as of the end of the year. | |
| As of the end of the year, ABC had $2,500 in customer deposits for work not yet completed. | |
| ABC has a $1,000,000 interest only loan (classified by the company as long-term debt). The interest for the year is accrued in December is not due to be paid until January 1. Interest on the note is based on a 5% annual rate. | |
| As of the end of the year ABC had $7,500 in wages that employees had earned but had not been paid for. | |
| ABC has a bank loan for $500,000. On this note $100,000 will be due within one year. | |
| December 1st ABC purchased equipment by securing a short-term loan for $25,000 due in six months. The loan has an annual interest rate of 6%. No payment was made during December. | |
| Accounts Payable | |
| Accrued Expenses | |
| Unearned Revenue | |
| Interest Payable | |
| Wages Payable | |
| Short-term Notes Payable | |
| Long-term Notes Payable | |
| Total |
|
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Auditing Leadership The Professional And Leadership Skills You Need
Authors: Brian D. Kush
1st Edition
0470450010, 9780470450017
