Homework Answers
Ans : As on August 26, 2013 the following Creditors of ACME Corporation will have the Priority over others on the assets of the Company as per the loan contract agreement among them:-
- First Bank: It will be having a lein on all the assets including the machinery,new machinery being purchased recently , the inventory and the intellectual property rights out of which it will settle its loan of $ 2,000,000 plus interest first.
- LeatherCo: After the loans of first bank is settle the remaning amount can be used to settle the loan from LetherCo against equipment and inventory to the loan of $ 2,00,000 plus interest.
- EquipCo : It will be able to claim on the new equipment after the loan of First bank is settled then only they will be able to settle the balance with there loan of $ 2,00,000 plus interest.
| Priority | Assets,Intellectual Property Rights and Inventory | New Machine |
| 1. | First Bank | First Bank |
| 2. | LeatherCo | EquipCo |
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use the irac method to solve this question.
ACME Corporation makes shoes. On January 15, 2010,...
use irac method to solve this please ACME Corporation makes shoes. On January 15, 2010, ACME...
use irac method to solve this please
ACME Corporation makes shoes. On January 15, 2010, ACME borrows $2,000,000 from First Bank, securing the loan by signing a security agreement giving First Banka security interest in all of its assets, presently owned and future acquired. On January 18, 2010, First Bank files a financing statement listing all equipment, intellectual property and inventory as collateral On July 10, 2010, ACME borrows $200,000 from LeatherCo, its supplier of leather, securing the loan by...
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Please solve question 2 Thanks in advance! Sparty Corporation has been operating for two years. The...
Please solve question 2
Thanks in advance!
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Answer is My question is why opening balance of cash of quarter is 74000? And the...
Answer is
My question is why opening balance of cash of quarter is 74000?
And the interest is times 3 month, or times 2 month?
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use irac method to solve this please
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Please solve question 2
Thanks in advance!
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Completing a Master Budget [L02] The following data relate to the operations of Gaudreau Company, which distributes consumer goods Current assets as of December 31 Cash.... Accounts receivable. Inventory Buildings and equipment, net.. Accounts payable Common shares Retained earnings $6,000 $36,000 $9,800 $110,885 $32,550 $100,000 $30,135 a The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) January.. February $60,000 $70,000...
Answer is
My question is why opening balance of cash of quarter is 74000?
And the interest is times 3 month, or times 2 month?
Williams Company sells women's hats for $12 each. Actual and budgeted sales in units for nine months are as follows: January (actual) February (actual) March (actual) April (budget) May (budget) 25,000 June (budget) ... 50,000 26,000 July (budget) ....... 30,000 40,000 August (budget) .......... 28,000 65,000 September (budget) ...... 25,000 100,000 The company should have...
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