Homework Answers
| Calculation of amount of liabilities at the end of the year | |
| Particulars | Amount in $ |
| Current Liabilities : | |
| Account Payable | $ 42,000 |
| Interest Payable | $ 6,500 |
| Income Tax Payable | $ 14,000 |
| Long Term Liabilities: | |
| Long - Term Notes Payable | $ 152,000 |
| Total of Current Liabilities & Long Term Liabilities | $ 214,500 |
| Answer = Option B = $ 214,500 | |
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Wetzel Company has the following accounts and balances at the end of the fiscal year: Long...
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Account Title
Debits
Credits
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Accounts receivable
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Inventory
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23,000
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287,000
Building
1,620,000
Equipment
644,000
Patent (net)
159,000
Franchise (net)
47,000
Notes receivable
285,000
Interest receivable
19,000
Accumulated depreciation—building
627,000
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217,000
Accounts payable
196,000
Dividends payable (payable on 1/16/2022)
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Account Title
Debits
Credits
Cash
81,000
Short-term investments
196,000
Accounts receivable
137,000
Long-term investments
42,000
Inventory
222,000
Receivables from employees
47,000
Prepaid expenses (for 2022)
23,000
Land
287,000
Building
1,620,000
Equipment
644,000
Patent (net)
159,000
Franchise (net)
47,000
Notes receivable
285,000
Interest receivable
19,000
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627,000
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217,000
Accounts payable
196,000
Dividends payable (payable on 1/16/2022)
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