Chapter 9: Q15DQ (page 428)
Refer to Google’s balance sheet in Appendix A. What “accrued” expenses (liabilities) does Google report at December 31, 2015?
Google’s balance sheet showed an accrued expense balance of $4,768million as of December 31, 2015.
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If $988 is the total of a sale that includes sales tax of 4%, what is the selling price of the item only?
Using the data in situation aof Exercise 9-5, prepare the employer’s September 30 journal entries to record
the employer’spayroll taxes expense and its related liabilities. (Round amounts to cents.)
Why are warranty liabilities usually recognized on the balance sheet as liabilities even when they are uncertain?
Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxes for the year, the company identifies an additional \(40,000 of income tax expense that should be recorded. A portion of this additional expense, \)6,000, is deferred for payment in future years. Record Sera’s yearend adjusting entry for income tax expense.
Question Prepare any necessary adjusting entries at December 31, 2017, for Melbourn Company’s year-end financial
statements for each of the following separate transactions and events.
statements for each of the following separate transactions and events.
1. Melbourn Company guarantees the $100,000 debt of a supplier. It is not probable that the supplier will
default on the debt.
2. A disgruntled employee is suing Melbourn Company. Legal advisers believe that the company will
probably need to pay damages, but the amount cannot be reasonably estimated
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