ZuoTi.Pro
Question
Accounting
At December 31, 2020, Tamarisk Company has outstanding three long-term debt issues. The first is a $1,960,000 note payable wh
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Long term debt is a separate line item to be disclosed in the financial statement. The Maturity schedule is disclosed in the notes.

Year Long Term Debt Calculation
2021 $0
2022 $2,706,000
2023 $4,666,000 ($2,706,000 +$1,960,000)
2024 $9,466,000 ($2,706,000+$6,760,000)
2025 $2,706,000

The long term debt of $2,076,000 is a sinking fund debenture going to mature in 2022. Long term debt of $4,666,000 contains $2,706,000 of sinking fund debenture and $1,960,000 of notes payable to be matured in 2023. Long term Debt of $9,466,000 includes $$2,706,000 of sinking fund debenture and $6,760,000 of bond issue matures in 2024. Long term debt of $2,076,000 is a sinking fund debenture going to mature in 2025.

0 0
Add a comment
Know the answer?
Add Answer to:
Accounting At December 31, 2020, Tamarisk Company has outstanding three long-term debt issues. The first is...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • At December 31, 2020, Sheffield Company has outstanding three long-term debt issues. The first is a...

    At December 31, 2020, Sheffield Company has outstanding three long-term debt issues. The first is a $2,020,000 note payable which matures June 30, 2023. The second is a $7,060,000 bond issue which matures September 30, 2024. The third is a $14,840,000 sinking fund debenture with annual sinking fund payments of $2,968,000 in each of the years 2022 through 2026. Prepare the required note disclosure for the long-term debt at December 31, 2020. Long-term Debt 2021 $ 2022 $ 2023 $...

  • At December 31, 2020, Pharoah Company has outstanding three long-term debt issues. The first is a...

    At December 31, 2020, Pharoah Company has outstanding three long-term debt issues. The first is a $2,370,000 note payable which matures June 30, 2023. The second is a $5,580,000 bond issue which matures September 30, 2024. The third is a $12,850,000 sinking fund debenture with annual sinking fund payments of $2,570,000 in each of the years 2022 through 2026. Prepare the required note disclosure for the long-term debt at December 31, 2020.

  • Exercise 14-20 At December 31, 2017, Sunland Company has outstanding three long-term debt issues. The first...

    Exercise 14-20 At December 31, 2017, Sunland Company has outstanding three long-term debt issues. The first is a $2,120,000 note payable which matures June 30, 2020. The second is a $6,020,000 bond issue which matures September 30, 2021. The third is a $13,240,000 sinking fund debenture with annual sinking fund payments of $2,648,000 in each of the years 2019 through 2023. Prepare the required note disclosure for the long-term debt at December 31, 2017. Long-term Deb 2018 2019 2020 2022

  • Exercise 14-20 At December 31, 2017, Sunland Company has outstanding three long-term debt issues. The first...

    Exercise 14-20 At December 31, 2017, Sunland Company has outstanding three long-term debt issues. The first is a $2,120,000 note payable which matures June 30, 2020. The second is a $6,020,000 bond issue which matures September 30, 2021. The third is a $13,240,000 sinking fund debenture with annual sinking fund payments of $2,648,000 in each of the years 2019 through 2023 Prepare the required note disclosure for the long-term debt at December 31, 2017

  • PLEASE SHOW WORK IF POSSIBLE... THANKS!! Exercise 14-20 At December 31, 2017, Monty Company has outstanding...

    PLEASE SHOW WORK IF POSSIBLE... THANKS!! Exercise 14-20 At December 31, 2017, Monty Company has outstanding three long-term debt issues. The first is a $1,840,000 note payable which matures June 30, 2020. The second is a $6,140,000 bond issue which matures September 30, 2021. The third is a $11,560,000 sinking fund debenture with annual sinking fund payments of $2,312,000 in each of the years 2019 through 2023. Prepare the required note disclosure for the long-term debt at December 31, 2017....

  • Classifying Debt On December 31, 2020, Millers Grocery Inc. had a 10 year, 7 note payable...

    Classifying Debt On December 31, 2020, Millers Grocery Inc. had a 10 year, 7 note payable balance of $100,000. The note payable was originally issued on June 30, 2011. The company will issue its financial statements on March 15, 2021 How will the note payable in each of the following separate scenarios be classifed on the balance sheet of Millers Grocery on December 31, 20207 a. The company intends to pay off the note payable when it comes due b....

  • E13.9B (L0 2) (Refinancing of Short-Term Debt) On December 31, 2020, Gibson Company has $18,200,000 of...

    E13.9B (L0 2) (Refinancing of Short-Term Debt) On December 31, 2020, Gibson Company has $18,200,000 of short-term debt in the form of notes payable to Blue Lagoon State Bank due in 2021. On January 28, 2021, Gibson enters into a refinancing agreement with Blue Lagoon that will permit it to borrow up to 60% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $15,600,000 in May to a high of $20,800,000 in...

  • 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...

  • Problem 9-91A (Algorithmic) Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following account balances after...

    Problem 9-91A (Algorithmic) Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2020: Accounts payable $59,400 800,000 41,500 Bonds payable (9.4%, due in 2027) Capital lease liability Bonds payable (8.7%, due in 2023) Deferred tax liability Discount on bonds payable (9.4%, due in 2027) Income taxes payable 50,000 133,400 12,600 26,900 38,700 Interest payable 120,000 400,000 Installment note payable (8% equal installments due 2021 to 2024) Notes payable (7.8%,...

  • Pacific Healthcare is an investor-owned hospital chain. Pacific’s stock is currently selling for $8 per share,...

    Pacific Healthcare is an investor-owned hospital chain. Pacific’s stock is currently selling for $8 per share, current dividend is $0.48 per share (paid on December 31, 2019), and the beta coefficient is 1.2. In addition, you learn that the yield on long-term Treasury bonds is 5.0 percent and that a market return of 11 percent is expected. Most analysts forecast that Pacific will grow about 10 percent per year for the next five years (2020-2024) and 4 percent per year...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT