Sonoma Company has the following selected accounts after posting adjusting entries:
Accounts Payable$ 62,000
Notes Payable, 3-month40,000
Notes Payable, 5-year, 6%80,000
Payroll Tax Expense4,000
Sales Taxes Payable38,000
Prepare the current liability section of Sonoma Company's balance sheet, assuming $16,000 of the mortgage is payable next year.
Identify which of the following would be classified as current liabilities as of December 31, 2016:
1.Salaries and Wages Payable
2.Bonds Payable, maturing in 2021
3. Interest Payable, due July 1, 2017
4.Sales Taxes Payable
5.Notes Payable, due January 30, 2018
On December 1, Maisins Furniture Corporation borrowed $10,000 on a 90-day, 6% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note.
During December 2016, Apartment Publishing sold 2,500 month annual magazine subscriptions at a rate of $20 each. The first issues were mailed in February 2017. Prepare the entries on Apartment’s books to record the sale of the subscriptions and the mailing of the first issues.
Fig Company had cash sales of $65,100 (including taxes) for the month of June. Sales are subject to 8.5% sales tax. Prepare the entry to record the sale.