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.
Homework Answers
Solution:
As per the requirement of question, the required note disclosure for the long term debt at December 31, 2020 is:
Maturities & sinking fund requirements on long term debt are as follows:
| Year | Amount | Calculation |
| 2021 | 0 | |
| 2022 | 25,70,000 | |
| 2023 | 49,40,000 | 2370000+2570000 |
| 2024 | 1,54,20,000 | 2570000+12850000 |
| 2025 | 25,70,000 |
Add Answer to:
At December 31, 2020, Pharoah 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...
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 $...
Accounting At December 31, 2020, Tamarisk Company has outstanding three long-term debt issues. The first is...
Accounting
At December 31, 2020, Tamarisk Company has outstanding three long-term debt issues. The first is a $1,960,000 note payable which matures June 30, 2023. The second is a $6,760,000 bond issue which matures September 30, 2024. The third is a $13,530,000 sinking fund debenture with annual sinking fund payments of $2,706,000 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...
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....
Problem 7-09 Pharoah Inc. had the following long-term receivable account balances at December 31, 2019. Note...
Problem 7-09 Pharoah Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,100,000 Note receivable from officer 464,800 Transactions during 2020 and other information relating to Pharoah’s long-term receivables were as follows. 1. The $2,100,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Pharoah’s electronics division to New York Company. Principal payments of $700,000 plus appropriate...
On December 31, 2020, Pharoah Company signed a $1,132,500 note to Novak Bank. The market interest...
On December 31, 2020, Pharoah Company signed a $1,132,500 note to Novak Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Pharoah’s financial situation worsened. On December 31, 2022, Novak Bank determined that it was probable that the company would pay back only $679,500 of the principal at maturity. However, it was considered likely that interest would...
On December 31, 2020, Pharoah Company signed a $1,056,900 note to Novak Bank. The market interest...
On December 31, 2020, Pharoah Company signed a $1,056,900 note
to Novak Bank. The market interest rate at that time was 10%. The
stated interest rate on the note was 8%, payable annually. The note
matures in 5 years. Unfortunately, because of lower sales,
Pharoah’s financial situation worsened. On December 31, 2022, Novak
Bank determined that it was probable that the company would pay
back only $634,140 of the principal at maturity. However, it was
considered likely that interest would...
On July 1, 2019, the first day of its 2020 fiscal year, the Town of Bear...
On July 1, 2019, the first day of its 2020 fiscal year, the Town
of Bear Creek issued at par $2,400,000 of 10 percent term bonds to
renovate a historic wing of its main administrative building. The
bonds mature in five years on July 1, 2024. Interest is payable
semiannually on January 1 and July 1. As illustrated in the table
below, a sinking fund is to be established with equal semiannual
additions made on June 30 and December 31....
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 $...
Accounting
At December 31, 2020, Tamarisk Company has outstanding three long-term debt issues. The first is a $1,960,000 note payable which matures June 30, 2023. The second is a $6,760,000 bond issue which matures September 30, 2024. The third is a $13,530,000 sinking fund debenture with annual sinking fund payments of $2,706,000 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...
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 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 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 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....
On December 31, 2020, Pharoah Company signed a $1,056,900 note
to Novak Bank. The market interest rate at that time was 10%. The
stated interest rate on the note was 8%, payable annually. The note
matures in 5 years. Unfortunately, because of lower sales,
Pharoah’s financial situation worsened. On December 31, 2022, Novak
Bank determined that it was probable that the company would pay
back only $634,140 of the principal at maturity. However, it was
considered likely that interest would...
On July 1, 2019, the first day of its 2020 fiscal year, the Town
of Bear Creek issued at par $2,400,000 of 10 percent term bonds to
renovate a historic wing of its main administrative building. The
bonds mature in five years on July 1, 2024. Interest is payable
semiannually on January 1 and July 1. As illustrated in the table
below, a sinking fund is to be established with equal semiannual
additions made on June 30 and December 31....
Most questions answered within 3 hours.
-
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 59 minutes ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 1 hour ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 2 hours ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 4 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 4 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 4 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 5 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 5 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 6 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 6 hours ago -
A high-pass filter consists of a 1.60 μF capacitor in series
with a 125 Ω resistor....
asked 6 hours ago -
A newly developed artificial intelligence has trouble
distinguishing hand-written numbers from hand-written alphabets.
There are pictures...
asked 6 hours ago