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Please do from a to e Following are pertinent facts about events during the current year at Z Boyz Snowboards. (Click the icon to view
Please do from a to e
Following are pertinent facts about events during the current year at Z Boyz Snowboards. (Click the icon to view the facts.) Requirement 1. For each item, indicate the account and the related amount to be reported as a current liability on Z Boyz Snowboards' December 31 balance sheet. Round calculations to the nearest dollar. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) x More info Account Amount a. a. b. C. December sales totaled $401,000, and Z Boyz collected sales tax of 4 percent. The sales tax will be sent to the state of Oregon early in January. Z Boyz owes $120,000 on a long-term note payable. At December 31, 9 percent interest for the year plus $20,000 of principal are payable within one year. On August 31, Z Boyz signed a six-month, 6 percent note payable to purchase a machine costing $84,000. The note requires payment of principal and interest at maturity. Sales of $974,000 were covered by the Z Boyz product warranty. At January 1, estimated warranty payable was $11,600. During the year, Z Boyz recorded warranty expense of $27,800 and paid warranty claims of $30,250. On October 31, Z Boyz received cash of $4,998 in advance for the rent on a building. This rent will be earned evenly over six months. d. eStep by Step Solution
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