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Required information P9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1,9-5 [The following information applies to the questions displayed below)
Required information P9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1,9-5 [The following information applies to the questions displayed below) Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31 Jan. & Purchased merchandise for resale on account. The invoice amount was $14,820; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $24,000 from National Bank for general use; signed a 12-month, 11% annual interest-bearing note for the money June 3 Purchased merchandise for resale on account. The invoice amount was $17,320. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $30,000. Dec.20 Received a $110 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $8,900 were earned but not yet paid on December 31 (disregard payroll taxes). P9-2 Part 3 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31 P9-2 Part 3 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31 ROGER COMPANY Balance Sheet (Partial) As of December 31 Current liabilities $ 0 Total
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