Homework Answers
| 2017 | 2018 | |
| Current liabilities: | ||
| Current portion of long term debt | $93,000 | $93,000 |
| Non-Current liabilities: | ||
| Long term debt | $279,000 | $186,000 |
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QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar year-end. On January 2, 2017. Hamptons signed a year loan for 1965,000 with annual interest of Equal annual pa ud annual payments of are $92.000 are due at the end of each year. The payment schedule is as interest for the year is paid on December follows: Balance as at Principal Annual balance end Dec. 31 payment Principal interest of year opening $ 465,000...
Thank you very much for answering! Problems Problem 10-IA Current versus non-current portions of debt LO1...
Thank you very much for answering!
Problems Problem 10-IA Current versus non-current portions of debt LO1 On January 2, 2017, Brook Company acquired machinery by issuing a 3% $300,000 note due in five on December 31, 2020. Annual payments are $78,608 each December 31. The payment schedule is: Principal Balance at Year-End Principal Portion of Payment $67,808 69,842 71,937 74,096 76,317 Interest Portion of Payment $10,800 8,766 6,671 4,512 2,291 Annual Payment Year 2017 2018 2019 2020 2021 $78,608 78,608...
Matrix Consulting Agency signed a 10-year, 6.9%, $708,340 mortgage on June 30, 2017, to help finance...
Matrix Consulting Agency signed a 10-year, 6.9%, $708,340 mortgage on June 30, 2017, to help finance a new office building. The mortgage terms provide for semi-annual blended principal and interest payments of $49,614. Payments are due on December 31 and June 30. The company's year end is June 30. *(a) Prepare an instalment payment schedule for the first two years. (Round answers to the nearest whole dollar, e.g. 5,275.) Semi-annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal...
2017 and 2018 Partial Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current...
2017 and 2018 Partial Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets $ 1,212 $ 1,315 Current liabilities $ 489 $ 547 Net fixed assets 4.980 5.999 Long-term debt 2,639 2,807 $ 15,346 PARROTHEAD ENTERPRISES 2018 Income Statement Sales Costs 7,144 Depreciation 1,369 Interest paid 392 a. What is owners' equity for 2017 and 2018? (Do not round intermediate calculations.) b. What is the change in net working capital for 2018? (Do not round intermediate...
On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in...
On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in 5 years on December 31, 2024. Annual payments are $81,099 each December 31. The payment schedule is: Year 2020 2021 2022 2023 2024 Annual Payment $81,999 81,099 81,099 81,099 81,099 Principal Portion of payment $63,599 66,779 70,118 73,624 75,880 Interest Portion of Payment $17,500 14,320 18,981 7,475 5,219 Principal Balance at Year-End $286,401 219,622 149,504 75,880 Required: Using the information provided, complete the following...
Selected data from Kamal Company's financial statements is as follows: In $000's 2017 2016 Current liabilities...
Selected data from Kamal Company's financial statements is as follows: In $000's 2017 2016 Current liabilities $ 5,130 $ 5,202 Long-term debt 1,419 1,322 Stockholders' equity 12,632 11,166 Interest and principal payments 300 400 Net income 2,430 2,280 Interest expense 196 172 Income taxes 1,837 1,524 Dividends paid 750 750 Kamal Company's times interest earned ratio for 2017 Select one: A. shows an increase in the company's ability to make its interest payments. B. increased, which indicates the company's creditors...
TER 10 Liabilities LO 10-2 M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt Assume that...
TER 10 Liabilities LO 10-2 M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt Assume that on December 1, 2015. your company borrowed $15.000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $2,000; 2017, $3,000: 2018. $4,000; and 2019, $6,000. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required....
On December 1, 2018, Driscoll, Inc. signed a 20 year mortgage in the amount of $300,000...
On December 1, 2018, Driscoll, Inc. signed a 20 year mortgage in the amount of $300,000 in conjunction with the purchase of an office building. This note is payable in equal monthly installments of $1,980 which include interest computed at an annual rate of 5%. The first annual payment is made on December 31, 2018. Prepare an amortization table for the first two payments. How much of the first payment made on December 31, 2018, is allocated to repayment of...
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017...
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Accounts Inventory Total Current liabilities $ 24,076 12,748 25,742 24,400Accounts payable 23,48427400 1,100 17,500 Cash 15,500 27,400 Notes payable Other 13,000 receivable 11,871 48,35556,000 $72,00085,616 $62,566 67,300 Total Long-term debt Owners' equity Common stock and paid-in s 45,000 45,000 224,906243,384 Accumulated retained earnings Fixed assets Net plant and equipment $269,906$288,384 $327,695 $362,700 Total $430,000 equity Total liabilities and owners'$390,261 $430,000 Total...
13.4 Birmingham Steels has the following incomplete) balance sheet and income statement Assets 2018 2017 Current...
13.4 Birmingham Steels has the following incomplete) balance sheet and income statement Assets 2018 2017 Current assets Fixed assets $200 $700 $100 $600 Liabilities and Shareholders' Equity Current liabilities Long-term debt $90 $550 $60 $450 Revenue Cost of revenue Depreciation Interest expense $2,350 $1130 $420 $210 All figures in million dollars a. Determine the shareholders' equity in 2017 and 2018. b. Determine the net working capital in 2017 and 2018. c. Assuming that Birmingham Steels has a 35% tax rate,...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar year-end. On January 2, 2017. Hamptons signed a year loan for 1965,000 with annual interest of Equal annual pa ud annual payments of are $92.000 are due at the end of each year. The payment schedule is as interest for the year is paid on December follows: Balance as at Principal Annual balance end Dec. 31 payment Principal interest of year opening $ 465,000...
Thank you very much for answering!
Problems Problem 10-IA Current versus non-current portions of debt LO1 On January 2, 2017, Brook Company acquired machinery by issuing a 3% $300,000 note due in five on December 31, 2020. Annual payments are $78,608 each December 31. The payment schedule is: Principal Balance at Year-End Principal Portion of Payment $67,808 69,842 71,937 74,096 76,317 Interest Portion of Payment $10,800 8,766 6,671 4,512 2,291 Annual Payment Year 2017 2018 2019 2020 2021 $78,608 78,608...
Matrix Consulting Agency signed a 10-year, 6.9%, $708,340 mortgage on June 30, 2017, to help finance a new office building. The mortgage terms provide for semi-annual blended principal and interest payments of $49,614. Payments are due on December 31 and June 30. The company's year end is June 30. *(a) Prepare an instalment payment schedule for the first two years. (Round answers to the nearest whole dollar, e.g. 5,275.) Semi-annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal...
2017 and 2018 Partial Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets $ 1,212 $ 1,315 Current liabilities $ 489 $ 547 Net fixed assets 4.980 5.999 Long-term debt 2,639 2,807 $ 15,346 PARROTHEAD ENTERPRISES 2018 Income Statement Sales Costs 7,144 Depreciation 1,369 Interest paid 392 a. What is owners' equity for 2017 and 2018? (Do not round intermediate calculations.) b. What is the change in net working capital for 2018? (Do not round intermediate...
On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in 5 years on December 31, 2024. Annual payments are $81,099 each December 31. The payment schedule is: Year 2020 2021 2022 2023 2024 Annual Payment $81,999 81,099 81,099 81,099 81,099 Principal Portion of payment $63,599 66,779 70,118 73,624 75,880 Interest Portion of Payment $17,500 14,320 18,981 7,475 5,219 Principal Balance at Year-End $286,401 219,622 149,504 75,880 Required: Using the information provided, complete the following...
TER 10 Liabilities LO 10-2 M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt Assume that on December 1, 2015. your company borrowed $15.000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $2,000; 2017, $3,000: 2018. $4,000; and 2019, $6,000. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required....
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Accounts Inventory Total Current liabilities $ 24,076 12,748 25,742 24,400Accounts payable 23,48427400 1,100 17,500 Cash 15,500 27,400 Notes payable Other 13,000 receivable 11,871 48,35556,000 $72,00085,616 $62,566 67,300 Total Long-term debt Owners' equity Common stock and paid-in s 45,000 45,000 224,906243,384 Accumulated retained earnings Fixed assets Net plant and equipment $269,906$288,384 $327,695 $362,700 Total $430,000 equity Total liabilities and owners'$390,261 $430,000 Total...
13.4 Birmingham Steels has the following incomplete) balance sheet and income statement Assets 2018 2017 Current assets Fixed assets $200 $700 $100 $600 Liabilities and Shareholders' Equity Current liabilities Long-term debt $90 $550 $60 $450 Revenue Cost of revenue Depreciation Interest expense $2,350 $1130 $420 $210 All figures in million dollars a. Determine the shareholders' equity in 2017 and 2018. b. Determine the net working capital in 2017 and 2018. c. Assuming that Birmingham Steels has a 35% tax rate,...
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