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Homework answers / question archive / University of Louisiana, Monroe - ACCT 2011 1)Indicate whether each of the items below should be classified on December 31, 2013, as a current liability, or a long-term liability, or under some other classification

University of Louisiana, Monroe - ACCT 2011 1)Indicate whether each of the items below should be classified on December 31, 2013, as a current liability, or a long-term liability, or under some other classification

Accounting

University of Louisiana, Monroe - ACCT 2011

1)Indicate whether each of the items below should be classified on December 31, 2013, as a current liability, or a long-term liability, or under some other classification. Consider each one independently from all others; that is, do not assume that all of them relate to one particular business. If more than one classification is possible, select the most likely one.

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(a)

Bank loans payable of a winery, due March 10, 2016. (The product requires aging for 5 years before sale.)

 

 

 

 

(b)

Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year.

 

 

 

 

(c)

Serial bonds payable, $1,000,000, of which $250,000 is due each July 31.

 

 

 

 

(d)

Amounts withheld from employees' wages for income taxes.

 

 

 

 

(e)

Notes payable due January 15, 2015.

 

 

 

 

(f)

Credit balances in customers' accounts arising from returns and allowances after collection in full of account.

 

 

 

 

(g)

Bonds payable of $2,000,000 maturing June 30, 2014.

 

 

 

 

(h)

Overdraft of $1,000 in a bank account. (No other balances are carried at this bank.)

 

 

 

 

(i)

Deposits made by customers who have ordered goods.

 

 

 

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Classification

2 Indicate how each of the following items should be classified in the financial statements.

(a)

Discount on bonds payable

 

 

 

 

(b)

Interest expense (credit balance)

 

 

 

 

(c)

Unamortized bond issue costs

 

 

 

 

(d)

Gain on repurchase of debt

 

 

 

 

(e)

Mortgage payable (payable in equal amounts over next 3 years)

 

 

 

 

(f)

Debenture bonds payable (maturing in 5 years)

 

 

 

 

(g)

Premium on bonds payable

 

 

 

 

(h)

Notes payable (due in 4 years)

 

 

 

 

(i)

Income bonds payable (due in 3 years)

 

 

 

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