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 off the note on February 15, 2021, and then borrows $1,059,400 on a long-term basis on March 1, how much of the $529,700 should be reported as a current liability at December 31, 2020, the end of the fiscal year?
The amount to be reported as a current liability at December 31, 2020. ??? |
A) amount reported as a current liability at december 31 2020 = $264850 | |||||||
B) amount to be reported as a current liability at december 31 2020 = $529700 | |||||||
because amount required to pay within 12 month of reporting date | |||||||
At December 31, 2020, Kingbird Corporation owes $529,700 on a note payable due February 15, 2021....
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...
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...
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...
On December 31, 2020, SoBou Co. has $5,000,000 of short-term notes payable due on February 14, 2021. On January 10, 2021, SoBou arranged a line of credit with Suntrust Bank, which allows SoBou to borrow up to $3,500,000 at one percent above the prime rate for three years. On February 3, 2021, SoBou borrowed $3,500,000 from Suntrust and used $500,000 additional cash to liquidate $4,000,000 of the short-term notes payable. The amount of the short-term notes payable that should be...
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...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $7.4 million due on February 8, 2022. Rushing sold 1.0 million shares of its $0.25 par, common stock on February 3, 2022, for $5.4 million. The proceeds from that sale along with $2.0 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $7.4 million due on February 8, 2022. Rushing sold 1.0 million shares of its $0.25 par, common stock on February 3, 2022, for $5.4 million. The proceeds from that sale along with $2.0 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $8.3 million due on February 8, 2022. Rushing sold 2.0 million shares of its $0.25 par, common stock on February 3, 2022, for $6.0 million. The proceeds from that sale along with $2.3 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $10.5 million due on February 8, 2022. Rushing sold 3.0 million shares of its $0.25 par, common stock on February 3, 2022, for $8.1 million. The proceeds from that sale along with $2.4 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $10.5 million due on February 8, 2022. Rushing sold 3.0 million shares of its $0.25 par, common stock on February 3, 2022, for $8.1 million. The proceeds from that sale along with $2.4 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of...