Complete Cogburn's December 31, Year 4, balance sheet using the information below. Each of the items may be reported as either a current or noncurrent liability. Enter the appropriate amounts in the associated cells. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank. Item Current liability Noncurrent liability 1. During the year, Cogburn received $150,000 in unearned revenues. At December 31, Year 4, Cogburn had earned $50,000 of this amount. 2. Cogburn has $250,000 of bonds payable due in Year 5 that have a discount of $12,500 associated with them. 3. A bank note of $1,000,000 with a maturity date of June 30, Year 5, was refinanced with a 15-year loan on January 25, Year 5. The first principal payment is due January 25, Year 6. 4. At December 31, Year 4, Cogburn had a deferred income tax liability of $25,000, arising from depreciation. 5. On December 18, Year 4, Cogburn declared a $.75 per share dividend to common shareholders, payable on January 18, Year 5. Cogburn has issued 750,000 shares of common stock, of which 20,000 shares are held in treasury.

Complete Cogburn's December 31, Year 4, balance sheet using the information below. Each of the items may be reported as either a current or noncurrent liability. Enter the appropriate amounts in the...

Complete Cogburn's December 31, Year 4, balance sheet using the information below. Each of the items may be reported as either a current or noncurrent liability. Enter the appropriate amounts in the associated cells. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank.

Item	Current liability	Noncurrent liability
1. During the year, Cogburn received $150,000 in unearned revenues. At December 31, Year 4, Cogburn had earned $50,000 of this amount.
2. Cogburn has $250,000 of bonds payable due in Year 5 that have a discount of $12,500 associated with them.
3. A bank note of $1,000,000 with a maturity date of June 30, Year 5, was refinanced with a 15-year loan on January 25, Year 5. The first principal payment is due January 25, Year 6.
4. At December 31, Year 4, Cogburn had a deferred income tax liability of $25,000, arising from depreciation.
5. On December 18, Year 4, Cogburn declared a $.75 per share dividend to common shareholders, payable on January 18, Year 5. Cogburn has issued 750,000 shares of common stock, of which 20,000 shares are held in treasury.

Jun 10, 2022

SOLUTION.PDF

Complete Cogburn's December 31, Year 4, balance sheet using the information below. Each of the items may be reported as either a current or noncurrent liability. Enter the appropriate amounts in the...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment