Homework Answers
$13,860,000 long term and $ 3,640,000 current liabilities as 70% of $19,800,000 is to be long term refinanced by bank and the balance is current liability.
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Branch Company, a building materials supplier, has $17,500,000 of notes payable due April 12, 2022 At...
Question 13 (1 point) Branch Company, a building materials supplier, has $18,000,000 of notes payable due...
Question 13 (1 point) Branch Company, a building materials supplier, has $18,000,000 of notes payable due April 12, 2022. At December 31, 2021, Branch signed an agreement with First Bank to borrow up to $18,000,000 to refinance the notes on a long-term basis. The agreement specified that borrowings would not exceed 75% of the value of the collateral that Branch provided. At the date of issue of the December 31, 2021, financial statements, the value of Branch's collateral was $20,000,000....
Reunion BBQ has $4,000,000 of notes payable due on March 11, 2017, which Reunion intends to...
Reunion BBQ has $4,000,000 of notes payable due on March 11, 2017, which Reunion intends to refinance. On January 5, 2017, Reunion signed a line of credit agreement to borrow up to $3,500,000 cash on a two-year renewable basis. On the December 31, 2016, balance sheet, Reunion should classify: Multiple Choice $500,000 of notes payable as short-term and $3,500,000 as long-term obligations. $500,000 of notes payable as long-term and $3,500,000 as short-term obligations. $4,000,000 of notes payable as short-term obligations....
1The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest...
1The bank notes, issued August
1, 2021, are due on July 31, 2022, and pay interest at a rate of
12%, payable at maturity.
2 The mortgage note is due on March 1, 2022. Interest at 11% has
been paid up to December 31 (assume 11% is a realistic rate).
Manufacturing intended at December 31, 2021, to refinance the note
on its due date with a new 10-year mortgage note. In fact, on March
1, Manufacturing paid $260,000 in cash...
On December 31, 2020, Sage Company has $6,975,000 of short-term debt in the form of notes...
On December 31, 2020, Sage Company has $6,975,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On December 28, 2020, Sage enters into a refinancing agreement with Gotham that will permit it to borrow up to 67% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,983,000 in May to a high of $7,983,000 in October during the year 2021. The interest cost of...
Bramble Company, has the following account balances at December 31, 2020. Notes payable ($60,000 due after...
Bramble Company, has the following account balances at December 31, 2020. Notes payable ($60,000 due after 12/31/21) $100,500 Unearned service revenue 72,500 Other long-term debt ($92,000 due in 2021) 239,000 Salaries and wages payable 32,500 Accounts payable 63,000 In addition, Bramble is involved in a lawsuit. Legal counsel feels it is probable Bramble will pay damages of $25,000 in 2021. a. Prepare the current liabilities section of Bramble’s December 31, 2020, balance sheet. b. Bramble’s current assets are $569,625. Compute...
On December 31, 2020, SoBou Co. has $5,000,000 of short-term notes payable due on February 14,...
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...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $981,000. At December 31, 2021, the raw materials to be purchased have a market value of $932,500. Prepare any necessary December 31, 2021 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles...
On December 31, 2020, Ayayai Corporation has $7.95 million of short-term debt in the form of...
On December 31, 2020, Ayayai Corporation has $7.95 million of short-term debt in the form of notes payable that are due in 2021 to Provincial Bank. On January 28, 2021, Ayayai enters into a refinancing agreement with the bank that permits it to refinance its debt by up to 61% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5 million in February and a high of $7 million in October during...
On December 31, 2020, Pina Colada Corporation has $8.71 million of short-term debt in the form...
On December 31, 2020, Pina Colada Corporation has $8.71 million of short-term debt in the form of notes payable that are due in 2021 to Provincial Bank. On January 28, 2021, Pina Colada enters into a refinancing agreement with the bank that permits it to refinance its debt by up to 59% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5.9 million in February and a high of $8 million in...
P2-3 Recording Transactions in T-Accounts, Preparing a Statement of Financial Position from a Trial Balance, and...
P2-3 Recording Transactions in T-Accounts, Preparing a Statement of Financial Position from a Trial Balance, and Evaluating the Current Ratio LO2-4, 2-6 Injection Plastics Company has been operating for three years. At December 31, 2020, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $23,500 2,500 3,500 26,500 1,500 50,500 92,500 Intangibles Accounts payable Accrued liabilities Short-term borrowings Notes payable (long-term) Contributed capital Retained earnings $ 3,500 15,500 2,500 7,500 50,500...
Question 13 (1 point) Branch Company, a building materials supplier, has $18,000,000 of notes payable due April 12, 2022. At December 31, 2021, Branch signed an agreement with First Bank to borrow up to $18,000,000 to refinance the notes on a long-term basis. The agreement specified that borrowings would not exceed 75% of the value of the collateral that Branch provided. At the date of issue of the December 31, 2021, financial statements, the value of Branch's collateral was $20,000,000....
1The bank notes, issued August
1, 2021, are due on July 31, 2022, and pay interest at a rate of
12%, payable at maturity.
2 The mortgage note is due on March 1, 2022. Interest at 11% has
been paid up to December 31 (assume 11% is a realistic rate).
Manufacturing intended at December 31, 2021, to refinance the note
on its due date with a new 10-year mortgage note. In fact, on March
1, Manufacturing paid $260,000 in cash...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $981,000. At December 31, 2021, the raw materials to be purchased have a market value of $932,500. Prepare any necessary December 31, 2021 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles...
On December 31, 2020, Ayayai Corporation has $7.95 million of short-term debt in the form of notes payable that are due in 2021 to Provincial Bank. On January 28, 2021, Ayayai enters into a refinancing agreement with the bank that permits it to refinance its debt by up to 61% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5 million in February and a high of $7 million in October during...
P2-3 Recording Transactions in T-Accounts, Preparing a Statement of Financial Position from a Trial Balance, and Evaluating the Current Ratio LO2-4, 2-6 Injection Plastics Company has been operating for three years. At December 31, 2020, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $23,500 2,500 3,500 26,500 1,500 50,500 92,500 Intangibles Accounts payable Accrued liabilities Short-term borrowings Notes payable (long-term) Contributed capital Retained earnings $ 3,500 15,500 2,500 7,500 50,500...
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