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2J192015 Exercise 1G15

Financial Accounting for Mgrs / Week 7-ehapter 1O

*Exercise 10-15 Santana, Inc. reports the following liabilities (in thousands) on its January 3L, 2O!4, balance sheet and notes to the financial statements.

Accounts payable

Accrued pension liability Unearned rent revenue Bonds Fayable Current poftion of mortgage payable

lncome taxes payable

$4,858.7 1,558.8 7,35L.7 1,999.3

2,319.6

247.4

Mortgage payable

Operating leases

Notes payable (due in 20t7) Salaries and wages payaUe

Notes payable (due in 2015)

Unused operating line of credit Warranty libbility-cu rent

$7,018.8 2,622.3

428.0 567.0

3,297.8

3,728.6

1,864.5

Homework Asslgnment

Identifo which of the above liabilities are likely current and which are likely long-term,

, Accosnt Classification Accounts payable

Accrued pension liability

Uneamed rent revenue

Bonds payable

Current portion of mortgage payable

Income taxes payable

Mortgage payable

Operating leases

Notes payable (due h 2A77)

Salaries and wages payable

Notes payable (due in 2015)

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2t1y&15 Exercise 1&15

Unused operating line of credit

Warranty liabiliW-current

Prepare the liabilities section of Santana's balance sheet as at January 3L,2AL4,

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January 330 ?S14 {in thoxsarxds}

Question AttempB: O of 5 used

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z$12315 Exercise 1$5

Financial Accounting for Mgrs / Week 7-chapter 1O Homework Assignment

*Exercise 10-5 During the month of March, Olinger Company's employees earned wages of $76,200. Withholdings related to these wages were $5,829 for Social Security (FICA), $8,930 for federal income tax, $3,691 for state income tax, and $476 for union dues. The company incurred no cost related to these earnings for federal unemptoyment tax but incurred $833 for state unemployment tax.

Prepare the necessary Mardt 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when amount is entered. Do not indent manually,)

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Mar.37

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Prepare the entry to record the company's payroll tax expense, (Credit account tifles are automatically indented when amount is entered. Do not indent manually.)

Mar. 31

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Question AttempB: O of 5 used

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21192015 Exercise 1Gl7

Financlal Accounting for Mgrs / Week 7-chapter 1O

*Exercise 10-17 Suppose 3M Company reported the following financial data for 2014 and 2013 (in millions).

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2lJL4 2013 Current assets

Cash and cash equivalents

Accounts receivable, net Inventories Other current assets Total current assets

Current liabilities

$3,050 3,230 2,639 L,75L

$10,670

$1,931 3,269 2,836 1,595

$9,631

$5,2A7 $6,021

Calculate the current ratio for 3M for 2014 and 2013. (Round answers to 2 decimal places, e.g.1.25:1)

2l,L4 2013 Current ratio

Suppose that at the end of 2Ol4,3M management used $310 million cash to pay off $310 million of accounts payable. How would its current ratio change? (Round answer to 2 decimal places, e.g, 1,25:l)

Current ratio

Question Attempts: O of 5 used

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