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Suppose a hotel has $30,000 of long-term debt at year end. Of this amount, $5,000 must...
Suppose a hotel has $40,000 of long-term debt at year end. Of this amount, $10,000 must...
Suppose a hotel has $40,000 of long-term debt at year end. Of this amount, $10,000 must be repaid within the next year. Which of the following statements is true? Select one: O a. The classified balance sheet would show $30,000 of long-term debt under the heading "Long-term liabilities." o b. THE classified balance sheet would show $30,000 of long-term debt under the heading "Current liabilities." O c. The classified balance sheet would show $40,000 of long-term debt under the heading...
Chapter 14 Long-Term Liabilities Directed Reading Guide LO1. How are long-term notes payable and mortgages payable...
Chapter 14 Long-Term Liabilities Directed Reading Guide LO1. How are long-term notes payable and mortgages payable accounted for? In your own words, what is a long-term liability? Long term-liabilities are liabilities that do not need to be paid within one year or within the entity’s operating cycle, whichever is longer. Both long-term notes payable and mortgages payable are common long-term liabilities. To record the purchase of a building for $150,000, paying $100,000 in cash and signing a 30-year mortgage...
Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt...
Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): WN Long-term debt is composed of the following: December 31 Current Year Preceding Year Total Notes payable $742,000 (215,200) $408,100 (200,300) Less current portion Long-term debt $526,800 $207,800 a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? co. O b. How much...
12. On January 1, 2017, Collie Company, a calendar-year company, issued $2,000,000 of notes payable, of...
12. On January 1, 2017, Collie Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2017, is a. Current liabilities, $2,000,000 b. Long-term debt, $2,000,000 c. Current liabilities, $500,000; Long-term Debt, $1,000,000 d. Current liabilities, $500,000; Long-term Debt, $1,500,000. 13. The following totals for the month of April were taken from the payroll records of Noll Company....
Jurion Co. Current $30,000 liabilities $ 6,300 Current assets Net fixed assets Long-term 34,200 debt Equity...
Jurion Co. Current $30,000 liabilities $ 6,300 Current assets Net fixed assets Long-term 34,200 debt Equity 10,500 47,400 Total $64,200 Total $64,200 James, Inc. $ 5,900 Current $ 3,300 Current assets Net fixed assets 10,100 liabilities Long-term debt Equity 2,600 10,100 Total $16,000 Total $16,000 Suppose the fair market value of James's fixed assets is $16,200 versus the $10,100 book value shown. Jurion pays $29,000 for James and raises the needed funds through an issue of long-term debt. Construct the...
Jurion Co. Current Current $30,000 $6,300 liabilities assets Net fixed assets Long-term debt Equity 10,500 34,200...
Jurion Co. Current Current $30,000 $6,300 liabilities assets Net fixed assets Long-term debt Equity 10,500 34,200 47,400 $64,200 $64,200 Total Total James, Inc. Current liabilities Long-term debt Current $ 5,900 $3,300 assets Net fixed 10,100 2,600 assets Equity 10,100 $16,000 Total $16,000 Total Suppose the fair market value of James's fixed assets is $16,200 versus the $10,100 book value shown. Jurion pays $29,000 for James and raises the needed funds through an issue of long-term debt. Construct the postmerger balance...
At the end of 2022, the following information is available for Great Adventures. Additional interest for...
At the end of 2022, the following information is available for
Great Adventures.
Additional interest for five months needs to be accrued on the
$30,000, 6% loan obtained on August 1, 2021. Recall that annual
interest is paid each July 31.
Assume that $10,000 of the $30,000 loan discussed above is due
next year.
By the end of the year, $20,000 in gift cards have been
redeemed. The company had sold gift cards of $25,000 during the
year and recorded...
HW10#10: BALANCE SHEET REPORTING OF LONG-TERM LIABILITIES: The adjusted trial balance for Helton Corporation at Dec...
HW10#10: BALANCE SHEET REPORTING OF LONG-TERM LIABILITIES: The adjusted trial balance for Helton Corporation at December 31, 2017 contained the following accounts: DEBITS CREDITS Current Assets Long-Term Assets Bonds payable, 10% Interest payable Discount on bonds payable Notes payable,9%, due 2021 Accounts payable $200,000 980,000 $500,000 20,000 30,000 70,000 120,000 Instructions (a) What is the total of all current liabilities? $ (b) What is the total of all long-term liabilities? $ (c) What is the total of all liabilities? $...
How much of Gap’s long-term debt will become due and payable in less than 1 year?...
How much of Gap’s long-term debt will become due and payable in
less than 1 year?
Refer to the balance sheet below.
THE GAP, INC. CONSOLIDATED BALANCE SHEETS February 2, 2019 February 3, 2018 1,783 1,081 S 288 2,131 751 4,251 1,997 788 4,568 2,912 886 8,049 $ 2,805 616 7,989 $ $ ($ and shares in millions except par value) ASSETS Current assets: Cash and cash equivalents Short-term investments Merchandise inventory Other current assets Total current assets Property and...
At year-end 2002, Yung.com had notes payable of $1200, accounts payable of $2400, and long-term debt...
At year-end 2002, Yung.com had notes payable of $1200, accounts payable of $2400, and long-term debt of $3000. Corresponding entries for 2003 are $1600, $2000, and $2800. Asset values are below. During 2003, Yung.com had sales of $1200, cost of goods sold of $400, depreciation of $100, and interest paid of $150. If the (average) tax rate is 34% and all taxes are paid currently. Compute the Free Cash Flow for Yung.com in 2003. (No decimal numbers and No dollar...
Suppose a hotel has $40,000 of long-term debt at year end. Of this amount, $10,000 must be repaid within the next year. Which of the following statements is true? Select one: O a. The classified balance sheet would show $30,000 of long-term debt under the heading "Long-term liabilities." o b. THE classified balance sheet would show $30,000 of long-term debt under the heading "Current liabilities." O c. The classified balance sheet would show $40,000 of long-term debt under the heading...
Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): WN Long-term debt is composed of the following: December 31 Current Year Preceding Year Total Notes payable $742,000 (215,200) $408,100 (200,300) Less current portion Long-term debt $526,800 $207,800 a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? co. O b. How much...
12. On January 1, 2017, Collie Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2017, is a. Current liabilities, $2,000,000 b. Long-term debt, $2,000,000 c. Current liabilities, $500,000; Long-term Debt, $1,000,000 d. Current liabilities, $500,000; Long-term Debt, $1,500,000. 13. The following totals for the month of April were taken from the payroll records of Noll Company....
Jurion Co. Current $30,000 liabilities $ 6,300 Current assets Net fixed assets Long-term 34,200 debt Equity 10,500 47,400 Total $64,200 Total $64,200 James, Inc. $ 5,900 Current $ 3,300 Current assets Net fixed assets 10,100 liabilities Long-term debt Equity 2,600 10,100 Total $16,000 Total $16,000 Suppose the fair market value of James's fixed assets is $16,200 versus the $10,100 book value shown. Jurion pays $29,000 for James and raises the needed funds through an issue of long-term debt. Construct the...
Jurion Co. Current Current $30,000 $6,300 liabilities assets Net fixed assets Long-term debt Equity 10,500 34,200 47,400 $64,200 $64,200 Total Total James, Inc. Current liabilities Long-term debt Current $ 5,900 $3,300 assets Net fixed 10,100 2,600 assets Equity 10,100 $16,000 Total $16,000 Total Suppose the fair market value of James's fixed assets is $16,200 versus the $10,100 book value shown. Jurion pays $29,000 for James and raises the needed funds through an issue of long-term debt. Construct the postmerger balance...
At the end of 2022, the following information is available for
Great Adventures.
Additional interest for five months needs to be accrued on the
$30,000, 6% loan obtained on August 1, 2021. Recall that annual
interest is paid each July 31.
Assume that $10,000 of the $30,000 loan discussed above is due
next year.
By the end of the year, $20,000 in gift cards have been
redeemed. The company had sold gift cards of $25,000 during the
year and recorded...
HW10#10: BALANCE SHEET REPORTING OF LONG-TERM LIABILITIES: The adjusted trial balance for Helton Corporation at December 31, 2017 contained the following accounts: DEBITS CREDITS Current Assets Long-Term Assets Bonds payable, 10% Interest payable Discount on bonds payable Notes payable,9%, due 2021 Accounts payable $200,000 980,000 $500,000 20,000 30,000 70,000 120,000 Instructions (a) What is the total of all current liabilities? $ (b) What is the total of all long-term liabilities? $ (c) What is the total of all liabilities? $...
How much of Gap’s long-term debt will become due and payable in
less than 1 year?
Refer to the balance sheet below.
THE GAP, INC. CONSOLIDATED BALANCE SHEETS February 2, 2019 February 3, 2018 1,783 1,081 S 288 2,131 751 4,251 1,997 788 4,568 2,912 886 8,049 $ 2,805 616 7,989 $ $ ($ and shares in millions except par value) ASSETS Current assets: Cash and cash equivalents Short-term investments Merchandise inventory Other current assets Total current assets Property and...
At year-end 2002, Yung.com had notes payable of $1200, accounts payable of $2400, and long-term debt of $3000. Corresponding entries for 2003 are $1600, $2000, and $2800. Asset values are below. During 2003, Yung.com had sales of $1200, cost of goods sold of $400, depreciation of $100, and interest paid of $150. If the (average) tax rate is 34% and all taxes are paid currently. Compute the Free Cash Flow for Yung.com in 2003. (No decimal numbers and No dollar...
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