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solve a-e in the requirements Golshore Marine experienced these events during the cirtent year. Click the icon to view the facts.) Requirement 1. For each
solve a-e in the requirements
Golshore Marine experienced these events during the cirtent year. Click the icon to view the facts.) Requirement 1. For each hem, indicate the account and the related amount to be reported as a current labelity on the Goltshore Marine balance sheet at December 31. (Round your final answers to the nearest whole dollar.) a. Decenter revenve totaled $150,000; and, in addifion, Golfshore collected sales tax of 7%. The tax amount will be nent to the state of Delamare early in January indicate the occount and the telated amount to be recorted as a current labilsy on the Golthote Marine balance theot at December 31. (Cornplitien all input frelda.) a. December revenue totaled $150,000; and, in addition, Golfshore collected sales tax of 7%. The tax amount will be sent to the state of Delaware early in January. b. On August 31, Golfshore signed a six-month, 12% note payable to purchase a boat costing $88,000. The note requires payment of principal and interest at maturity. c. On August 31, Golfshore received cash of $3,600 in advance for service revenue. This revenue will be earned evenly over six months. d. Revenues of $775,000 were covered by Golfshore's service warranty. At January 1, accrued warranty payable was $11,300. During the year, Golfshore recorded warranty expense of $31,000 and paid warranty claims of $34,600. e. Golfshore owes $80,000 on a long-term note payable. At December 31,12% interest for the year plus $40,000 of this principal are payable within one year Step by Step Solution
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