Liabilities on the Balance Sheet For each of the following situations, indicate the...
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Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown as a liability on the balance sheet of Javier, Inc., at December 31: The situation doesn't require a liability to be recorded, leave the corresponding amount blank (zero). Transactions $ a. Javier's general ledger shows a credit balance of $130,000 in Long-Term Notes Payable. Of this amount, a $30,000 installment becomes due on June 30 of the following year. What amount, if any, is shown as a noncurrent liability? $ b. Javier estimates its unpaid income tax liability for the current year is $34,000; it plans to pay this amount in March of the following year. C. On December 31, Javier received a $30,000 invoice for merchandise shipped on December 28. The merchandise has not yet been received. The merchandise was shipped F.O.B. shipping point. d. During the year, Javier collected $10,500 of state sales tax. At year-end, it has not yet remitted $1,400 of these taxes to the state department of revenue. e. On December 31, Javier's bank approved a $10,000, 90-day loan. Javier plans to sign the note and receive the money on January 2 of the following year. $ $ $
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