Question

In: Computer Science

Report these liabilities on the Pack Leader Wireless balance sheet, including headings and totals for current liabilities and long-term liabilities.

Definition: Reporting liabilities on the balance sheet and computing debt to

equity ratio

The accounting records of Pack Leader Wireless include the following as of

December 31, 2018:

Accounts Payable $ 77,000 Salaries Payable $ 7,500

Mortgages Payable (long-term) 73,000 Bonds Payable (current portion) 25,000

Interest Payable 18,000 Premium on Bonds Payable 10,000

Bonds Payable (long-term) 63,000 Unearned Revenue (short-term) 2,700

Total Stockholders’ Equity 140,000

Requirements

1. Report these liabilities on the Pack Leader Wireless balance sheet, including headings and totals for current liabilities and long-term liabilities.

Expert Solution

Step 1: Definition of the salaries payable

The salaries payable are those salaries that are due not paid.

Step 2: Balance Sheet

Pack Leader Wireless
Balance Sheet
As of December 31, 2018
Current Liabilities:
Accounts Payable	$77,000
Salaries Payable	$7,500
Bonds Payable (Current Portion)	$25,000
Interest Payable	$18,000
Unearned Revenue	$2,700
Total Current Liabilities		$130,200

Long-term Liabilities:
Bonds Payable	$63,000
Add: Premium on Bonds Payable	$10,000
Shareholder’s Equity	$140,000
Total Long-term Liabilities		$213,000
Total Liabilities		$343,200

The total of the liabilities side is $343, 200.

Sahil Dangi answered 2 years ago

Present current and long term assets and liabilities on a balance sheet (statement of financial position)...

Present current and long term assets and liabilities on a balance sheet (statement of financial position) including require disclosures. Please explain.

Research Walmart company and discuss the current and long-term liabilities shown on its balance sheet and...

Research Walmart company and discuss the current and long-term liabilities shown on its balance sheet and their purpose as documented by management. Answer the following three questions: In your initial post answer the following: Define a liability and how it can be used to manage a company's cash flow. From your selected company, what two types of liabilities make up the largest percent of its current liabilities. What are the liabilities used for.

Ruskin has the following balance sheet: Current assets $30,000,000, Current liabilities $10,000,000, Fixed assets 60,000,000, Long-term...

Ruskin has the following balance sheet: Current assets $30,000,000, Current liabilities $10,000,000, Fixed assets 60,000,000, Long-term debt 25,000,000, Common stock (1 million shares) 1,000,000, Retained earnings 39,000,000, Preferred Stock 15,000,000, Total assets $90,000,000, Total claims $90,000,000. The current liabilities consist entirely of notes payable to banks, and the interest rate on this debt is 10%, the same as the rate on new bank loans. These bank loans are not used for seasonal financing but instead are part of the company’s...

Long-term liabilities Long-term debt violation at the balance sheet date Note: In the following exercise, you...

Long-term liabilities Long-term debt violation at the balance sheet date Note: In the following exercise, you are required to review the Basis for Conclusions (BCs) for the standard(s) that provide the accounting guidance for this topic. As the BCs are generally not included in the codification and thus are not authoritative, it will most likely be necessary for you to research them through review of the pre-codified standards. Appropriate references have been provided to allow you to do so. Pre-codified...

Determine the following 2021 balance sheet items: 1. Current assets 2. Shareholders’ equity 3. Long-term assets 4. Long-term liabilities

The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventory. On December 31, 2021, the balance sheet revealed the following: Inventory ................................$ 840,000 Total assets .........................$ 2,800,000 Current ratio ...................................2.25 Acid-test ratio ...................................1.2 Debt to equity ratio .........................1.8 Required: Determine the following 2021 balance sheet items: 1. Current assets 2. Shareholders’ equity 3. Long-term assets 4. Long-term liabilities

"Should Preferred Stock Be Moved to the Long Term Liabilities Section of the Balance Sheet?” Write...

"Should Preferred Stock Be Moved to the Long Term Liabilities Section of the Balance Sheet?” Write a one page single spaced paper as an executive summary. First paragraph is your yes or no decision and a brief statement as to why. All other paragraphs support your decision. Do not go over one page.

The long-term liabilities section of CPS Transportation’s December 31, 2015, balance sheet included the following: a. A...

The long-term liabilities section of CPS Transportation’s December 31, 2015, balance sheet included the following: a. A lease liability with 15 remaining lease payments of $10,000 each, due annually on January 1: Lease liability $76,061 Less: Current portion 2,394 $73,667 The incremental borrowing rate at the inception of the lease was 11% and the lessor’s implicit rate, which was known by CPS Transportation, was 10%. b. A deferred income tax liability due to a single temporary difference. The only difference...

Typical balance sheet classifications are as follows. a. Current Assets b. Long-term Investments ...

Typical balance sheet classifications are as follows. a. Current Assets b. Long-term Investments c. Property Plant & Equipment d. Intangible Assets e. Other Assets f. Current Liabilities g. Long-Term Liabilities h. Capital Stock i. Additional Paid-In Capital j. Retained Earnings k. Notes to Financial Statements Indicate by use of the above letters how each of the following items would be classified on a balance sheet prepared at December 31,...

Distinguish between Current/Short term Liabilities and Non-current/Long term Liabilities. Illustrate your answer with journal entries as...

Distinguish between Current/Short term Liabilities and Non-current/Long term Liabilities. Illustrate your answer with journal entries as examples.

Distinguish between current and long-term liabilities. Give an example.

ESSAY: CURRENT LIABILITIES: Distinguish between current and long-term liabilities. Give an example. Explain what a deferred liability is. Give an example. Explain the difference between an employee payroll deduction and employer benefits. Give an example. Explain the rules regarding when and how a contingency is recorded. Give an example. Explain when product warranty is recorded and why it is recorded when it is. Give an example.