Answer each of tha following questi ons related to variaus short-term liahilities: ...
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Answer each of tha following questi ons related to variaus short-term liahilities: (a) Your answer is correct. On September 1 2020, a company borrowed $102,000 tronh its bank and s oned a nine-month note it 9% interest. The principal and interest on the loan are to be paid current liabilities cn the cormpany's December 31, 2020, statement of finarcial position? (Round avnswers to 0 decimal places, eu. 14,674.) en the note matures. what is the total amount related to this loan that should be eported under 105 Total amount our answer is correct. The balance in a company's long-term mortgage payable account on December 31, 2020, is $162,000. This is to be repaid at the rate of $27,000 per year for the next six years. How should this liability be reported on the company's statement of financial positian on December 31, 2020 of financial position on Current Liabilities 270 Long-term Liabilities During the spring and sumrmer of 2020, the Prairie Predators hotkey team sold 2,400 season tickets for the 2020-2021 huckey season. Each of the season tickets was sold for 450 and covered 20 ames, with 8 to be played in the fall (Octob and 12 in the winter (lanuary to March). What is the effect on the team's financial statements when the season tickets are sald? What amount af liability any)related to the scasn tickets should be reported an the team's December 31, 2020, statement of finanial positian e fall (Octobof er to December) 31, 2020 for the 202022 taet a s ny) related Amount of liability During the spring and summer of 2020, the Prairie Predators hockey teao2,400 season tickets for the 2020-2021 hockey season. Each of the season tickets was sald for $45D and covered 20 gamas, with 8 to be played in the fall (October to December) and 12 in the winter (January to March). What Is the effect on the team's financial statements when the season tickets are sold? What amount of llablity (If any) related to the season tickets should be reported on the team's December 31, 2020, statement of finandal position? (c) Uneamed Revenue ExpenseS Prepaid Expenses Revenue
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