At December 31,2014,Lansing Company's general ledger shows the following balances after posting adjusting entries:
Additional information:
1.$50,000 of the 8% note due December 31,2019 is due on December 31,2015.
2.The Estimated Warranty Liability relates to a multiple year product warranty.One-half of the liability will be honored in 2015,and one-half in 2016.
3.The Unearned Service Revenue pertains to a service contract to be performed in 2016.
Required:
Prepare the liability section of Lansing Company's balance sheet at December 31,2014.

Question

At December 31,2014,Lansing Company's general ledger shows the following balances after posting adjusting entries:
  Additional information:
1.$50,000 of the 8% note due December 31,2019 is due on December 31,2015.
2.The Estimated Warranty Liability relates to a multiple year product warranty.One-half of the liability will be honored in 2015,and one-half in 2016.
3.The Unearned Service Revenue pertains to a service contract to be performed in 2016.
Required:
Prepare the liability section of Lansing Company's balance sheet at December 31,2014.

Quizplus · Accepted Answer

The Answer of At December 31,2014,Lansing Company's general ledger shows the following balances after posting adjusting entries:
  Additional information:
1.$50,000 of the 8% note due December 31,2019 is due on December 31,2015.
2.The Estimated Warranty Liability relates to a multiple year product warranty.One-half of the liability will be honored in 2015,and one-half in 2016.
3.The Unearned Service Revenue pertains to a service contract to be performed in 2016.
Required:
Prepare the liability section of Lansing Company's balance sheet at December 31,2014.

At December 31,2014,Lansing Company's General Ledger Shows the Following Balances