Analyzing and Computing Financial Statement Effects of Interest Smothering. Signed a 90-day, 6%…

Analyzing and Computing Financial Statement Effects of Interest

Smothering. Signed a 90-day, 6% note payable for $6,900 on December 16. Use the financial statement effects template to illustrate the year-end December 31 accounting adjustment Smithe must make.

Analyzing and Determining Liability Amounts

For each of the following situation s, indicate the liability amount, if any that is reported on the balance sheet of Heller, Inc., at December 3 1, 2014.

a. Heller owes $ 110,000 at year-end 2014 for inventory purchases.

b. Heller agreed to purchase a $28,000 drill press in January 2015.

c. During November and December of 20 14, Heller sold products to a customer and warranted them against product failure for 90 days. Estimated costs of honouring this 90-day warranty during 2015 are $2,200.

d. Heller provides a profit-sharing bonus for its executives equa l to 5% of reported pretax annual income. The estimated pretax income for 20 14 is $600,000. Bonuses are not paid until January of the following year.

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