On September 1, 2021, Southwest Airlines borrows $39.5 million, of which $7.0 million is due next year. Show how Southwest Airlines would record the $39.5 million debt on its December 31, 2021, balance sheet. (Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)
Homework Answers
SOUTHWEST AIRLINES
Partial balance sheet
December 31,2021
| Current liabilities | |
| Current portion of long term debt | 7000000 |
| Long term liabilities | |
| Notes payable | 32500000 |
| Total liabilities | 39500000 |
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On September 1, 2021, Southwest Airlines borrows $39.5
million, of which $7.0 million is due next...
On September 1, 2021, Southwest Airlines borrows $39.5 million, of which $7.0 million is due next...
On September 1, 2021, Southwest Airlines borrows $39.5 million,
of which $7.0 million is due next year. Show how Southwest Airlines
would record the $39.5 million debt on its December 31, 2021,
balance sheet. (Enter your answers in dollars, not millions. For
example, $5.5 million should be entered as 5,500,000.)
SOUTHWEST AIRLINES Partial Balance Sheet December 31, 2021 Current liabilities: Current portion of long-term debt Long-term liabilities: Notes payable Total liabilities
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On September 1, 2021, Southwest Airlines borrows $39.5 million,
of which $7.0 million is due next year. Show how Southwest Airlines
would record the $39.5 million debt on its December 31, 2021,
balance sheet. (Enter your answers in dollars, not millions. For
example, $5.5 million should be entered as 5,500,000.)
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The balance sheet at December 31, 2021, for Nevada Harvester Corporation includes the liabilities listed below: a. 13% bonds with a face amount of $25 million were issued for $25 million on October 31, 2012. The bonds mature on October 31, 2032. Bondholders have the option of calling (demanding payment on the bonds on October 31, 2022, at a redemption price of $25 million. Market conditions are such that the call is not expected to be exercised. b. Management intended...
The balance sheet at December 31, 2021, for Nevada Harvester Corporation includes the liabilities listed below: a. 9% bonds with a face amount of $53 million were issued for $53 million on October 31, 2012. The bonds mature on October 31, 2032. Bondholders have the option of calling (demanding payment on the bonds on October 31, 2022, at a redemption price of $53 million. Market conditions are such that the call is not expected to be exercised. b. Management intended...
The balance sheet at December 31, 2021, for Nevada Harvester Corporation includes the liabilities listed below: a. 12% bonds with a face amount of $37 million were issued for $37 million on October 31, 2012. The bonds mature on October 31, 2032. Bondholders have the option of calling (demanding payment on the bonds on October 31, 2022, at a redemption price of $37 million. Market conditions are such that the call is not expected to be exercised. b. Management intended...
The balance sheet at December 31, 2021, for Nevada Harvester Corporation includes the liabilities listed below: a. 11% bonds with a face amount of $40 million were issued for $40 million on October 31, 2012. The bonds mature on October 31, 2032. Bondholders have the option of calling (demanding payment on the bonds on October 31, 2022, at a redemption price of $40 million Market conditions are such that the call is not expected to be exercised, b. Management intended...
es P1-8. Reading a Balance Sheet Southwest Airlines is a U.S. passenger airline focused on do- mestic, point-to-point, low-fare, and short- to medium-haul routes. Its balance sheets as of December 31, 2014 and December 31, 2013 appear in the exhibit below as the basis for the following questions. (Note that the company reports in millions of U.S. dollars.) Required: a. What is Southwest Airlines' largest asset? What is its book value as of December 31, 2014? b. Calculate the current...
Airline Accessories has the following current assets: cash, $95
million; receivables, $87 million; inventory, $175 million; and
other current assets, $11 million. Airline Accessories has the
following liabilities: accounts payable, $84 million; current
portion of long-term debt, $28 million; and long-term debt, $16
million. Based on these amounts, calculate the current ratio and
the acid-test ratio for Airline Accessories. (Enter your answers in
millions, not in dollars. For example, $5,500,000 should be entered
as 5.5.)
Current Ratio Acid-Test Ratio
Transit Airlines provides regional jet service in the Mid-South. The following is information on liabilities of Transit at December 31, 2021. Transit's fiscal year ends on December 31. Its annual financial statements are issued in April. 1. Transit has outstanding 5.5% bonds with a face amount of $73 million. The bonds mature on July 31, 2027 Bondholders have the option of calling (demanding payment on the bonds on July 31, 2022, at a redemption price of $73 million. Market conditions...
Transit Airlines provides regional jet service in the Mid-South. The following is information on liabilities of Transit at December 31, 2021. Transit's fiscal year ends on December 31. Its annual financial statements are issued in April. 1. Transit has outstanding 5.0% bonds with a face amount of $83 million. The bonds mature on July 31, 2027. Bondholders have the option of calling (demanding payment on the bonds on July 31, 2022, at a redemption price of $83 million. Market conditions...
Transit Airlines provides regional jet service in the Mid-South. The following is information on liabilities of Transit at December 31, 2021. Transit’s fiscal year ends on December 31. Its annual financial statements are issued in April. 1. Transit has outstanding 6.2% bonds with a face amount of $63 million. The bonds mature on July 31, 2027. Bondholders have the option of calling (demanding payment on) the bonds on July 31, 2022, at a redemption price of $63 million. Market conditions...
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