Problem 1-17 (AICPA Adapted)
Mill Company revealed the following
account balances on
December 31, 2016:
Accounts payable
1,500,000
Bonds payable, due 2017
2,500,000
Discount on bonds payable
f300,00C^
Dividends payable
800,000
Note payable, due 2018
2,000,000
What total amount should be reported as current liabilities?
'4,500,000
Problem 1-15 (IAA)
Ducky Company reported the following information at the
end of reporting period:
Accounts payable
1,000.000
Advances to employees
-46000
Unearned rent revenue
300.000
Estimated liability under warranties
250,000
"tash surrender value of officers' life insurance
-wfo0o
Bonds payable
6,000.000
Discount on bonds payable
500.000
Trademark
6^,000-
What amount should be reported in the statement of financial
position as total liabilities'
G.050,000
1,550,000
,050,000
6,095.000
d. T,095i,00u
Problem 1-16 (IAA)
Burma Company disclosed the
following
information
about
liabilities at year-cnd:
Accounts payable,
after deducting debit balances
in slip^pliers' accounts amounting to PlOO.OOO
4,000,000
Accrued expenses
1',500.000
Credit balances of customers' accounts;
500,000,
Stock dividend paynble
.1.000.000[
Claims for increase in wages and allowance by
employees of the entity, covered in a pending lawsuit
400.00(T
Estimated expenses in redeeming prize coupons
presented by customers
000,000
What total amount should be presented as current liabilities
at year-end?
6,700,000
'fi.600,000
i.00.000
17,7< 700,000
800000
problem 1-18 (AICPA Adnptcd)
Oar Company diacloaed the following liability account
balances on December 31, 2016:
Account* payable
l.900.000,
•Bondapayabl:
^tOO.OO}1
•prumium on bond* payablt
.^f200.00^
Deformd tax liability
400,00tf1
DividendapayabUe
600.000
Income tax payable
900,000
Note payable, due January 31,2017
600.000
The deferred tnx liability
is based on temporary differencea
that will reverne in 2018.
On December 31, 2016,
what total amount should be reported
as current liabilities?
7.100,000
A. 4,300,000
-3.900,000
d. 4,100,000
81
.19
(AICPA Adapted)
;ake >ecember31, 2016: Company
reported the following information on
^ccou"ts payable
800.000
Bondapayable, due 2017
3.000,000.
^remium on Deferred tax bonds payable
160,000 iiabUity
250,000
'he deferred tax liability
is not related to an asset for
fin^nciaT
accouriting purposes and is expected to reverse in
2017.
What
total amount should be reported as current liabilities
on December 31, 2016?
3,650,000
b.
4,200,000
3,900,000.
3.960,000
Problem 1-20 (AICPA Adapted)
1-20
(AICPA Adapted)
conpany
reported the following liability account
on December 31, 2016:
^^due 2017
'^',tt"'b°°d'p->:°"» ^d.<'nd payable due on ^fcet"7^'
400,
February 15,2018
'ote Payable due January
15,2018
1.200,000
deferred
tax different liability is based on temporary differences
"te'nming from depreciation method for financial
r®Portin<
ig
and income lax purposes.
What total
amount should be reported as current liabilities
on December 31,
2016?
6,400,000
7,200,000
7,400,000
7,600,000
problrm 1-21 (AICPA Adapted)
Bntf Company reporttd the
following
liribilitiw• on Dfc*mbcr
>Sl, 2016:
Account* paynble
600.000
Untcured not* payable. 8S. due July 1.2017
4.00aoo0
Accrued expenaca
350.000
Contingent liability
450.000'
Deferred tax liability
2SO.OOO
Senior bonds payable. 7%. due March 31.2017
6.000.000
What total amount should be reported ns current linibiliti*»'
10.360.000
10.160.000
IB^
9,900.000
BL
4.900.000
