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  • Prepare The Current Liabilities Section of The Statement of Financial Position For The Layla Company As of December 31, 2020

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    The Layla Company's current liabilities as of December 31, 2020 include notes payable of $114,000 for raw materials, $60,000 bank note due in 90 days, and $40,000 owed to officers. Other current liabilities are $88,000 for accounts payable, $35,000 cash overdraft, $48,000 dividends in arrears, $2,600 tax withheld, and $6,000 advance receipts. Estimated expenses total $14,400 for guarantees and $4,800 for an injury claim.

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    The Layla Company's current liabilities as of December 31, 2020 include notes payable of $114,000 for raw materials, $60,000 bank note due in 90 days, and $40,000 owed to officers. Other current liabilities are $88,000 for accounts payable, $35,000 cash overdraft, $48,000 dividends in arrears, $2,600 tax withheld, and $6,000 advance receipts. Estimated expenses total $14,400 for guarantees and $4,800 for an injury claim.

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    146 views1 page

    Prepare The Current Liabilities Section of The Statement of Financial Position For The Layla Company As of December 31, 2020

    Uploaded by

    vers
    The Layla Company's current liabilities as of December 31, 2020 include notes payable of $114,000 for raw materials, $60,000 bank note due in 90 days, and $40,000 owed to officers. Other current liabilities are $88,000 for accounts payable, $35,000 cash overdraft, $48,000 dividends in arrears, $2,600 tax withheld, and $6,000 advance receipts. Estimated expenses total $14,400 for guarantees and $4,800 for an injury claim.

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    Prepare the current liabilities section of the statement of financial position for the

    Layla Company as of December 31, 2020.

    1.) Notes payable arising from the purchase of raw materials, 114,000.
    2.) Notes payable-bank, due in 90 days, 60,000. ( collateral on this consist of 80,000 in
    marketable securities.)
    3.) Notes payable to officers, due on demand, 40,000
    4.) Accounts payable arising from the purchase of raw materials, 88,000
    5.) Cash balance with Zilong Bank, 26,000; cash overdraft with Alucard Bank, 35,000
    6.) Dividends in arrears on cumulative preference share, 48,000
    7.) Income tax withheld, 2,600
    8.) Advance receipts on special jobs being manufactured to specification for customers,
    6,000
    9.) Installment notes on equipment purchased, 40,000, of which 20,000 is due in 2021
    and the balance in 2022.
    10.) Accounts receivable credit balance, 3,600
    11.) Estimated cost of meeting service requirement guarantees on products produced
    and sold, 14,400.
    12.) One of the company’s products exploded causing injury to a customer’s employee.
    The estimated claim is 4,800. The company has no insurance to cover a loss of this
    nature.

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