Question
In: Accounting
The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2014, contained...
The adjusted trial balance for Lifesaver Corp. at the end of the
current year, 2014, contained the following accounts.
5-year Bonds Payable 8% $2,500,000
Interest Payable 50,000
Premium on Bonds Payable 100,000
Notes Payable (3 months.) 40,000
Notes Payable (5 yr.) 165,000
Mortgage Payable ($15,000 due currently) 200,000
Salaries and wages Payable 18,000
Income Taxes Payable (due 3/15 of 2015) 25,000
The total long-term liabilities reported on the balance sheet are
A) $2,865,000. B) $2,850,000. C) $2,965,000. D) $2,950,000.
Solutions
Expert Solution
| 5-year Bonds Payable 8% | 2500000 | |
| Premium on Bonds Payable | 100000 | |
| Notes Payable (5 yr.) | 165000 | |
| Mortgage Payable | 185000 | =200000-15000 |
| Total long-term liabilities | 2950000 | |
| Option D $2,950,000 is correct |
ekkarill92 answered 2 years agoRelated Solutions
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2014, year-end:...
This alphabetized adjusted trial balance is for GalaVu
Entertainment as of its December 31, 2014, year-end:
Debit
Credit
Accounts
payable
$
43,400
Accounts
receivable
$
18,100
Accumulated
depreciation, automobiles
68,400
Accumulated
depreciation, equipment
19,900
Advertising
expense
8,400
Automobiles
134,000
Cash
10,400
Depreciation
expense, automobiles
12,600
Depreciation
expense, equipment
3,500
Equipment
62,000
Fees earned
227,475
Interest earned
200
Interest
expense
2,900
Interest
payable
50
Interest
receivable
400
John Conroe,
capital
22,400
John Conroe,
withdrawals
18,400
Land
32,000
Long-term notes
payable
109,000...
Catena's Marketing COmpany has the following adjusted trial balance at the end of the current year....
Catena's Marketing COmpany has the following adjusted trial
balance at the end of the current year. Cash dividends of $580 were
declared at the end of the year, and 640 additional shares of
common stock ($0.10 par value per share were issuues at the end of
the year for $2560 in cash (for a total at the end of the year of
850 shares). These effects are included below:
Catena's Marketing Company
Adjusted Trial Balance
End of the Current Year...
Romney's Marketing Company has the following adjusted trial balance at the end of the current year....
Romney's Marketing Company has the following adjusted trial
balance at the end of the current year. No dividends were declared.
However, 500 shares ($0.10 par value per share) issued at the end
of the year for $3,000 are included below:
Debit
Credit
Cash
$1,500
Accounts Recievable
2,200
Interest Recievable
100
Prepaid Insurance
1,600
Notes Recievable (long term)
2,800
Equipment
15,290
Accumulated Depreciation
$3,000
Accounts Payable
2,400
Accrued Expenses Payable
3,920
Income Taxes Payable
2,700
Unearned Rent Revenue
500
Common Stock...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial
balance at the end of the current year. Cash dividends of $650 were
declared at the end of the year, and 680 additional shares of
common stock ($0.10 par value per share) were issued at the end of
the year for $2,720 in cash (for a total at the end of the year of
810 shares). These effects are included below:
Catena’s Marketing Company
Adjusted Trial Balance
End of the Current Year...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial
balance at the end of the current year. Cash dividends of $620 were
declared at the end of the year, and 580 additional shares of
common stock ($0.10 par value per share) were issued at the end of
the year for $2,320 in cash (for a total at the end of the year of
850 shares). These effects are included below: Catena’s Marketing
Company Adjusted Trial Balance End of the Current Year...
Romney's Marketing Company has the following adjusted trial balance at the end of the current year....
Romney's Marketing Company has the following adjusted trial
balance at the end of the current year. No dividends were declared.
However, 500 shares ($0.10 par value per share) issued at the end
of the year for $3,000 are included below:
Debit
Credit
Cash
$
1,500
Accounts receivable
2,200
Interest receivable
100
Prepaid insurance
1,600
Notes receivable (long-term)
2,800
Equipment
15,290
Accumulated depreciation
$
3,000
Accounts payable
2,400
Accrued expenses payable
3,920
Income taxes payable
2,700
Unearned rent revenue
500
Common...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial
balance at the end of the current year. Cash dividends of $650 were
declared at the end of the year, and 690 additional shares of
common stock ($0.10 par value per share) were issued at the end of
the year for $2,760 in cash (for a total at the end of the year of
810 shares). These effects are included below: Catena’s Marketing
Company Adjusted Trial Balance End of the Current Year...
At the end of its fiscal year, the adjusted trial balance of Crane Company is as...
At the end of its fiscal year, the adjusted trial balance of
Crane Company is as follows:
CRANE COMPANY Adjusted Trial Balance July 31, 2017
Debit Credit Cash $2,850 Accounts receivable 11,420 Prepaid rent
500 Supplies 750 Debt investments 8,000 Equipment 19,950
Accumulated depreciation—equipment $5,700 Patents 18,300 Accounts
payable 4,265 Interest payable 750 Unearned revenue 2,050 Notes
payable (due on July 1, 2019) 45,300 B. Crane, capital 28,285 B.
Crane drawings 16,900 Service revenue 74,100 Interest revenue 320
Depreciation expense...
The year-end adjusted trial balance of the Corporation included the following account balances:
The year-end adjusted trial balance of the Corporation included the following account balances:
Retained earnings
$325,000
Service revenue
741,000
Salaries expense
396,000
Rent expense
27,000
Interest expense
5,000
Dividends
200,000
Prepare the closing entries.
34. $________ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited?
35. $________ In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited?
36. $_________ After closing the accounts, what is the...
At the end of its fiscal year, the adjusted trial balance of Carla Vista Company is...
At the end of its fiscal year, the adjusted trial balance of
Carla Vista Company is as follows: CARLA VISTA COMPANY Adjusted
Trial Balance July 31, 2017 Debit Credit Cash $4,560 Accounts
receivable 11,420 Prepaid rent 500 Supplies750 Debt
investments8,000 Equipment19,950 Accumulated depreciation—equipment
$5,700 Patents 18,300 Accounts payable 4,275 Interest payable 750
Unearned revenue 2,050 Notes payable (due on July 1, 2019) 45,900
B. Carla Vista, capital 28,285 B. Carla Vista, drawings 16,800
Service revenue74,900 Interest revenue320 Depreciation expense2,850
Interest...
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