Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown as current or long term liability on the balance sheet of Anchor, Inc , at December 31 a Anchors general ledger shows a credit balance of $125,000 in Long Term Notes Payable Of the amount, a $25,000 installment becomes due on June 30 of the following year b Anchor estimates its unpaid income tax liability for the current year is $34,000 it plans to pay this amount in March of the following year c On December 31, Anchor received a $15,000 invoice for merchandise shipped on December 28 The merchandise has not yet been received The merchandise was shipped F O B shipping point d During the year, Anchor collected $10,500 of state sales tax At year end, it has not yet remitted $1,400 of these taxes to the state department of revenue e On December 31, Anchors bank approved a $5,000, 90 day loan Anchor plans to sign the note and receive the money on January 2 of the following year Current Liability Long Term Liability a Balance in Long Term Notes Payable Answer Answer b Unpaid income tax liability Answer Answer c Merchandise shipped F O B Shipping Point Answer Answer d Sales tax collected Answer Answer e Bank loan Answer Answer Maturity Dates of Notes Payable Determine the maturity date and compute the interest for each of the following notes payable with add on interest (Use 360 as the denominator when calculating the interest amount Round to a whole number ) Date of Note Principal Interest Rate ( ) Term a August 5 $15,000 8 120 days b May 10 8,400 7 90 days c October 20 12,000 9 45 days d July 6 4,500 10 60 days e September 15 13,500 8 75 days Maturity Date Interest at Month Day Maturity a AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Answer Answer b AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Answer Answer c AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Answer Answer d AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Answer Answer e AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Answer Answer

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 12, 2024

Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown as current or long-term liability on the balance sheet of

Liabilities on the Balance Sheet

For each of the following situations, indicate the amount shown as current or long-term liability on the balance sheet of Anchor, Inc., at December 31: a. Anchors general ledger shows a credit balance of $125,000 in Long-Term Notes Payable. Of the amount, a $25,000 installment becomes due on June 30 of the following year. b. Anchor estimates its unpaid income tax liability for the current year is $34,000; it plans to pay this amount in March of the following year. c. On December 31, Anchor received a $15,000 invoice for merchandise shipped on December 28. The merchandise has not yet been received. The merchandise was shipped F.O.B. shipping point. d. During the year, Anchor collected $10,500 of state sales tax. At year-end, it has not yet remitted $1,400 of these taxes to the state department of revenue. e. On December 31, Anchors bank approved a $5,000, 90-day loan. Anchor plans to sign the note and receive the money on January 2 of the following year.

	Current Liability	Long-Term Liability
a. Balance in Long-Term Notes Payable	Answer	Answer
b. Unpaid income tax liability	Answer	Answer
c. Merchandise shipped F.O.B. Shipping Point	Answer	Answer
d. Sales tax collected	Answer	Answer
e. Bank loan	Answer	Answer

Maturity Dates of Notes Payable

Determine the maturity date and compute the interest for each of the following notes payable with add-on interest: (Use 360 as the denominator when calculating the interest amount. Round to a whole number.)

	Date of Note	Principal	Interest Rate (%)	Term
a.	August 5	$15,000	8	120 days
b.	May 10	8,400	7	90 days
c.	October 20	12,000	9	45 days
d.	July 6	4,500	10	60 days
e.	September 15	13,500	8	75 days

Maturity Date			Interest at
	Month	Day	Maturity
a.	AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember	Answer	Answer
b.	AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember	Answer	Answer
c.	AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember	Answer	Answer
d.	AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember	Answer	Answer
e.	AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember	Answer	Answer