Chat with us, powered by LiveChat (Learning Objective 1: Measure and report current - BonPapers

(Learning Objective 1: Measure and report current

(Learning Objective 1: Measure and report current liabilities) Gulfshore Marine experienced these events during the current year.a. December revenue totaled $180,000; and, in addition, Gulfshore collected sales tax of 6%. The tax amount will be sent to the state of Alabama early in January.b. On August 31, Gulfshore signed a six-month, 4% note payable to purchase a boat costing $78,000. The note requires payment of principal and interest at maturity.c. On August 31, Gulfshore received cash of $5,000 in advance for service revenue. This revenue will be earned evenly over six months.d. Revenues of $800,000 were covered by Gulfshore’s service warranty. At January 1, estimated warranty payable was $9,600. During the year, Gulfshore recorded warranty expense of $32,000 and paid warranty claims of $29,900.e. Gulfshore owes $100,000 on a long-term note payable. At December 31, 3.5% interest for the year plus $20,000 of this principal are payable within one year.

Order an Excellent Paper with Writing Service

Bonpaper is a Custom Research Paper Writing service based in USA that is Available 24/7 to cater your needs. We have huge experience of writing essays about every possible topic. We have access to the online libraries, peer-journals, and news sites which makes it possible to gather enough data about the topic. 

We provide the plagiarism-free and grammatically perfect essay writing service to our clients. We have written hundreds of essays so far and our clients have gained excellent results as well.

Need Assignment Help?