At December 31, 2017, Tina Corporation owes $512,300 on a note payable due February 15, 2018. 1....
At December 31, 2017, Tina Corporation owes $512,300 on a note payable due February 15, 2018.
1. If Tina refinances the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much of the $512,300 should be reported as a current liability at December 31, 2017?
2. If Tina pays off the note on February 15, 2018, and then borrows $1,024,600 on a long-term basis on March 1, how much of the $512,300 should be reported as a current liability at December 31, 2017, the end of the fiscal year?
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At December 31, 2017, Tina Corporation owes $512,300
on a note payable due February 15, 2018.
1....
Brief Exercise 13-9 At December 31, 2017, Buffalo Corporation owes $520,400 on a note payable due...
Brief Exercise 13-9 At December 31, 2017,
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long-term note on February 14 and using the proceeds to pay off the
note due February 15, how much of the $520,400 should be reported
as a current liability at December 31, 2017? (Do not leave any
answer field blank. Enter 0 for amounts.) The amount to be reported
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At December 31, 2020, Kingbird Corporation owes $529,700 on a note payable due February 15, 2021....
At December 31, 2020, Kingbird Corporation owes $529,700 on a note payable due February 15, 2021. A) If Kingbird had restructured the note on December 15, 2020, such that Kingbird has the contractual right to defer payment of $264,850 of the note until February 15, 2022, how much of the $529,700 should be reported as a current liability at December 31, 2020? The amount to be reported as a current liability at December 31, 2020. ???? B) If Kingbird pays...
At December 31, 2020, Monty Corporation owes $525,300 on a note payable due February 15, 2021....
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On December 31, 2017, Waterway Industries has $6010000 of short-term notes payable due on February 14, 2018. On Januar...
On December 31, 2017, Waterway Industries has $6010000 of
short-term notes payable due on February 14, 2018. On January 10,
2016, Waterway arranged a line of credit with Beach Bank which
allows Isle to borrow up to $4490000 at one percent above the prime
rate for three years. On February 2, 2018, Waterway borrowed
$3600000 from Beach Bank and used $1490000additional cash to
liquidate $5090000 of the short-term notes payable. The amount of
the short-term notes payable that should be...
On December 31, 2017, Indigo Company had $1,206,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 23,700 shares of its common stock for...
On December 31, 2017, Indigo Company had $1,206,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 23,700 shares of its common stock for $33 per share, receiving $782,100 proceeds after brokerage fees and other costs of issuance. On February 2, 2018, the proceeds from the stock sale, supplemented by an additional $423,900 cash, are used to liquidate the $1,206,000 debt. The December 31, 2017, balance sheet is issued...
Classifying Debt On December 31, 2020, Millers Grocery Inc. had a 10 year, 7 note payable...
Classifying Debt On December 31, 2020, Millers Grocery Inc. had a 10 year, 7 note payable balance of $100,000. The note payable was originally issued on June 30, 2011. The company will issue its financial statements on March 15, 2021 How will the note payable in each of the following separate scenarios be classifed on the balance sheet of Millers Grocery on December 31, 20207 a. The company intends to pay off the note payable when it comes due b....
Tamarisk Corp. owes $251,000 to Vaughn Trust. The debt is a 10-year, 12% note due December 31, 2017. Because Tamarisk Co...
Tamarisk Corp. owes $251,000 to Vaughn Trust. The debt is a 10-year, 12% note due December 31, 2017. Because Tamarisk Corp. is in financial trouble, Vaughn Trust agrees to extend the maturity date to December 31, 2019, reduce the principal to $204,000, and reduce the interest rate to 7%, payable annually on December 31. (a) Prepare the journal entries on Tamarisk’s books on December 31, 2017, 2018, 2019. (b) Prepare the journal entries on Vaughn Trust’s books on December 31,...
counting for a note payable $11-4 Accoun December 31, 2017 2017, Franklin purchased $13.500 of merchandise...
counting for a note payable $11-4 Accoun December 31, 2017 2017, Franklin purchased $13.500 of merchandise vable. Franklin uses a perpetual inventory system. ear, 9% note payable. Franklin one-year, 90 Light the company's purchase of merchandise inventory on December 31, 2017 the company's accrual of interest expense on June 30, 2018, its fiscal Requirements 1. Journalize the 2. Journalize the year-end. 3. Journalize the e the company's payment of the note plus interest on December 31,2018 vining current portion of...
4. On December 31, 2020, Largo, Inc. had a $400,000 note payable outstanding, due July 31,...
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Problem 15-4A Talkington Electronics issues a $350,000, 3%, 15-year mortgage note on December 31, 2016. The...
Problem 15-4A
Talkington Electronics issues a $350,000, 3%, 15-year mortgage
note on December 31, 2016. The proceeds from the note are to be
used in financing a new research laboratory. The terms of the note
provide for annual installment payments, exclusive of real estate
taxes and insurance, of $41,031. Payments are due on December
31.
Prepare an installment payments schedule for the first 4 years.
(Round answers to 0 decimal places, e.g.
15,250.)
Annual Interest Period
Cash Payment
Interest Expense...
Brief Exercise 13-9 At December 31, 2017,
Buffalo Corporation owes $520,400 on a note payable due February
15, 2018. If Buffalo refinances the obligation by issuing a
long-term note on February 14 and using the proceeds to pay off the
note due February 15, how much of the $520,400 should be reported
as a current liability at December 31, 2017? (Do not leave any
answer field blank. Enter 0 for amounts.) The amount to be reported
as a current liability...
At December 31, 2020, Monty Corporation owes $525,300 on a note payable due February 15, 2021. If Monty had restructured the note on December 15, 2020, such that Monty has the contractual right to defer payment of $262,650 of the note until February 15, 2022, how much of the $525,300 should be reported as a current liability at December 31, 2020? The amount to be reported as a current liability at December 31, 2020 $ e Textbook and Media If...
On December 31, 2017, Waterway Industries has $6010000 of
short-term notes payable due on February 14, 2018. On January 10,
2016, Waterway arranged a line of credit with Beach Bank which
allows Isle to borrow up to $4490000 at one percent above the prime
rate for three years. On February 2, 2018, Waterway borrowed
$3600000 from Beach Bank and used $1490000additional cash to
liquidate $5090000 of the short-term notes payable. The amount of
the short-term notes payable that should be...
Classifying Debt On December 31, 2020, Millers Grocery Inc. had a 10 year, 7 note payable balance of $100,000. The note payable was originally issued on June 30, 2011. The company will issue its financial statements on March 15, 2021 How will the note payable in each of the following separate scenarios be classifed on the balance sheet of Millers Grocery on December 31, 20207 a. The company intends to pay off the note payable when it comes due b....
counting for a note payable $11-4 Accoun December 31, 2017 2017, Franklin purchased $13.500 of merchandise vable. Franklin uses a perpetual inventory system. ear, 9% note payable. Franklin one-year, 90 Light the company's purchase of merchandise inventory on December 31, 2017 the company's accrual of interest expense on June 30, 2018, its fiscal Requirements 1. Journalize the 2. Journalize the year-end. 3. Journalize the e the company's payment of the note plus interest on December 31,2018 vining current portion of...
4. On December 31, 2020, Largo, Inc. had a $400,000 note payable outstanding, due July 31, 2021. Largo also had substantial excess cash on that date and on January 12, 2021, Largo prepaid $150,000 of the note. In February 2021, Largo completed a $1,500,000 long term bond offering. Largo will use the bond offering proceeds to repay the remainder of the note payable at its maturity and to pay construction costs during 2021. On March 3, 2021, Largo issued its...
Problem 15-4A
Talkington Electronics issues a $350,000, 3%, 15-year mortgage
note on December 31, 2016. The proceeds from the note are to be
used in financing a new research laboratory. The terms of the note
provide for annual installment payments, exclusive of real estate
taxes and insurance, of $41,031. Payments are due on December
31.
Prepare an installment payments schedule for the first 4 years.
(Round answers to 0 decimal places, e.g.
15,250.)
Annual Interest Period
Cash Payment
Interest Expense...
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