BE13.09 – Future Brands, Inc.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given notes and when they are callable… find what they should be reported as (long-term or current).
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Given notes and when they are callable… find what they should be reported as (long-term or current).
Your numbers will vary.
Determine the debit to payroll tax expense amount included in the journal entry.
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Given warranty expenditures and expenses they ask you to determine the balance in the warranty liability account.
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Given the deposits received, the percent of containers not returned, and the markup percentage they ask you to determine the cost of goods sold.
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Given the note amount, note period, and discount rate they ask you to determine the effective interest rate on the loan.
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Given the amount borrowed, the interest on the note, and the years until maturity they ask you to determine the amount of interest expense.
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Given different amounts of advances they ask you to determine the amount they should report as a current liability for advances from customers in their balance sheet.
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Given the beginning and ending warranty liabilities along with sales they ask you to determine the amount of warranty costs paid during the year.
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Given the amount that additional penalties could be along with the settlement offer they ask you to determine the accrued liability on the balance sheet.
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Given the salaries per week, the amount of vacation weeks not taken in one year, and the percent the salaries raised along with the total salaries paid in the following year… prepare two separate journal entries.
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