a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? b. How much did the total current liabilities change the preceding year and the current year as a result of the current portion of long-term debt? Increase c. If Connie's Bistra- e-eeee additional long-term debt
c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total notes payable on December 31 of the upcoming year? Feedback
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F cons Log in to y... hot music.. quentin w December 31 Current Preceding Year Year 655,000 $360,...
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...
1. Current Portion of Long-Term Debt 2. Connie's Bistro, Inc. reported the following information about its...
1. Current Portion of Long-Term Debt 2. Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is composed of the following: 3. December 31 4. Preceding Current Year Year 5. Total Notes payable $742,000 $408,100 6 (215,200) (200,300) Less current portion $526,800 $207,800 Long-term debt 7. a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance...
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): Long-term debt consists of the following: December 31 Current Year Preceding Year Total long-term debt $463,100 $254,700 (134,300) (125,000) Less current portion Long-term debt $328,800 $129,700 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? b. How much did the total current...
Current Year Gmeiner Co. had the following current assets and liabilities on December 31 of two...
Current Year Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Previous Year Current assets: Cash $646,000 $673,000 Accounts receivable 572,000 317,000 Inventory 353,000 267,000 Total current assets $1,571,000 $1,257,000 Current liabilities: Current portion of long-term debt $93,000 $83,000 Accounts payable 186,000 165,000 Accrued and other current liabilities 301,000 302,000 Total current liabilities $580,000 $550,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. $ Accounts receivable Accounts payable 10% notes, payable to bank Mortgage note payable 112,500 42,600 612,000 1,390,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 10%, payable at maturity. b. The mortgage...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $517,000 $736,000 Accounts receivable 459,000 347,000 Inventory 283,000 292,000 Total current assets $1,259,000 $1,375,000 Current liabilities: Current portion of long-term debt $98,000 $86,000 Accounts payable 195,000 171,000 Accrued and other current liabilities 317,000 313,000 Total current liabilities $610,000 $570,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers...
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:...
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $399,000 $628,000 Accounts receivable 353,000 296,000 Inventory 218,000 249,000 Total current assets $970,000 $1,173,000 Current liabilities: Current portion of long-term debt $75,000 $66,000 Accounts payable 150,000 132,000 Accrued and other current liabilities 245,000 242,000 Total current liabilities $470,000 $440,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two...
Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $563,000 $524,000 Accounts receivable 499,000 246,000 Inventory 308,000 208,000 Total current assets $1,370,000 $978,000 Current liabilities: Current portion of long-term debt $94,000 $83,000 Accounts payable 189,000 165,000 Accrued and other current liabilities 307,000 302,000 Total current liabilities $590,000 $550,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers...
FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 72,400 $...
FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 72,400 $ 88,500 Accounts receivable 88,420 65,625 Inventory 298,156 266,800 Prepaid expenses 1,360 2,195 Total current assets 460,336 423,120 Equipment 142,500 123,000 Accum. depreciation—Equipment (44,125 ) (53,500 ) Total assets $ 558,711 $ 492,620 Liabilities and Equity Accounts payable $ 68,141 $ 137,175 Short-term notes payable 14,500 9,000 Total current liabilities 82,641 146,175 Long-term notes payable 57,500 63,750 Total liabilities 140,141 209,925 Equity Common stock, $5...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021...
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...
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...
1. Current Portion of Long-Term Debt 2. Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is composed of the following: 3. December 31 4. Preceding Current Year Year 5. Total Notes payable $742,000 $408,100 6 (215,200) (200,300) Less current portion $526,800 $207,800 Long-term debt 7. a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance...
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): Long-term debt consists of the following: December 31 Current Year Preceding Year Total long-term debt $463,100 $254,700 (134,300) (125,000) Less current portion Long-term debt $328,800 $129,700 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? b. How much did the total current...
Current Year Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Previous Year Current assets: Cash $646,000 $673,000 Accounts receivable 572,000 317,000 Inventory 353,000 267,000 Total current assets $1,571,000 $1,257,000 Current liabilities: Current portion of long-term debt $93,000 $83,000 Accounts payable 186,000 165,000 Accrued and other current liabilities 301,000 302,000 Total current liabilities $580,000 $550,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. $ Accounts receivable Accounts payable 10% notes, payable to bank Mortgage note payable 112,500 42,600 612,000 1,390,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 10%, payable at maturity. b. The mortgage...
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $399,000 $628,000 Accounts receivable 353,000 296,000 Inventory 218,000 249,000 Total current assets $970,000 $1,173,000 Current liabilities: Current portion of long-term debt $75,000 $66,000 Accounts payable 150,000 132,000 Accrued and other current liabilities 245,000 242,000 Total current liabilities $470,000 $440,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one...
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...
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