Question 7 of 10

Question 7 of 10 For each of the following transactions that occurred during the year, indicate the dollar amount to be reported as a current liability as of December 31, 2020. (Enter O for amounts if no current liability Is to be rqorted, DO not leave any answer field blank) Reported as (a) (c) (d) (e) (f) On December 20, 2020, a former employee filed a legal action against Nash for $109,100 for wrongful dismissal. Management believes the action to be frivolous and without merit. The likelihood of payment to the employee is remote. Bonuses to key employees based on net income for 2020 are estimated to be $193, 900. On December 1, 2020, the company borrowed $960,000 at 8% per year. Interest is paid quarterly. Accounts receivable at December 31, 2020, is $10,447,500. An aging analysis indicates that Nash's expense provision for doubtful accounts is estimated to be 3% of the receivables balance. On December 15, 2020, the company declared a $2.70 per share dividend on the 41,850 shares of common stock outstanding, to be paid on January 5, 2021. During the year, customer advances of $179,200 were received; $58,100 of this amount was earned by December 31, 2020. eTextbook and Media Save for Later Attempts: O of 4 used Submit Answer