Valix Finacc vol 2 Problem 1-6 to 7

Financial Accounting Volume 2 2008 Valix-Peralta
Chapter 1 Problem 1-6 to 7

Problem 1-6                                                  Problem 1-7

           

Accounts payable              1,000,000        Note payable – trade                     3,000,000

Deposits and advances                             Note payable – bank                      2,000,000

     from customers                  250,000        Note payable – officers                    500,000

Notes payable                     1,000,000        Accounts payable – trade                        4,000,000

Credit balances in                                       Bank overdraft                                    300,000        

    customers’ accounts         200,000        Dividends payable                          1,000,000

Serial bonds payable          1,000,000        Withholding tax payable                   100,000

Accrued interest on                                    Income tax payable                          800,000           

    bonds payable                    150,000        Estimated warranty liability                           600,000

Provision for tax                                           Estimated damages payable           700,000

     assessment                          300,000        Accrued liabilities                               900,000

Unearned rent income          100,000        Estimated premium liability                200,000

Total current liabilities          4,000,000        Total current liabilities                    14,100,000