Ware Woods, Inc. has a fiscal year-end of December 31, 2017.
The company reported $ 202,500...
Ware Woods, Inc. has a fiscal year-end of December 31, 2017.
The company reported $ 202,500 in short-term notes payable due on
April 1, 2018, on its year-end balance sheet. Ware Woods
extended the due date for this debt to January 31, 2019, during
the post-balance sheet period. The bank agreed to extend the debt
term for $ 160,000 of the total amount of the loan; $ 42,500 is
due on its original due date. Prepare the journal entry required...
Ware Woods, Inc. has a fiscal year-end of December 31, 2017.
The company reported $ 202,500...
Ware Woods, Inc. has a fiscal year-end of December 31, 2017.
The company reported $ 202,500 in short-term notes payable due on
April 1, 2018, on its year-end balance sheet. Ware Woods
extended the due date for this debt to January 31, 2019, during
the post-balance sheet period. The bank agreed to extend the debt
term for $ 160,000 of the total amount of the loan; $ 42,500 is
due on its original due date. Prepare the journal entry required...
Suppose a business receives a $453,000 long-term bank loan on
December 31, 2019. The borrowing arrangement...
Suppose a business receives a $453,000 long-term bank loan on
December 31, 2019. The borrowing arrangement requires the business
to pay $113,250 by September 2020. Show how the business will
report both current and long-term liabilities on its December 31,
2019 balance sheet.
Do not enter dollar signs or commas in the input boxes.
Current Liabilities:
Bank Loan, Current Portion
Answer
Long-Term Liabilities:
Bank Loan, Long-Term Portion
Answer
Exercise 13-8 On December 31, 2017, Sage Company had $1,107,000
of short-term debt in the form...
Exercise 13-8 On December 31, 2017, Sage Company had $1,107,000
of short-term debt in the form of notes payable due February 2,
2018. On January 21, 2018, the company issued 26,800 shares of its
common stock for $29 per share, receiving $777,200 proceeds after
brokerage fees and other costs of issuance. On February 2, 2018,
the proceeds from the stock sale, supplemented by an additional
$329,800 cash, are used to liquidate the $1,107,000 debt. The
December 31, 2017, balance sheet...
Stewart Corporation's balance sheet at December 31, 2016, showed
the following:
Short-term investments, at fair...
Stewart Corporation's balance sheet at December 31, 2016, showed
the following:
Short-term investments, at fair value
$40,000
Stewart Corporation's trading portfolio of stock investments
consisted of the following at December 31, 2016:
Stock
Number of Shares
Cost
Conn Common Stock 200
$28,000
Hall Common Stock 300
9,000
$37,000
During 2017, the following transactions took place:
Feb. 5 Sold 100 shares of Conn
common stock for $18,000.
...
On its December 31, 2008 balance sheet, the Noble Corporation
reported the following as investments in...
On its December 31, 2008 balance sheet, the Noble Corporation
reported the following as investments in long-term marketable
equity securities. Investment in long-term marketable equity
securities at market $300,000 Less Adjustment to reflect decline in
market value of marketable equity securities 28,000 At December 31,
2009, the market valuation of the portfolio was $298,000. Noble
does not elect to use the fair value option of reporting financial
assets. What should Noble report on its 2009 Statement of Income as
a...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts...
Balance sheet
December 31
Assets 2007 2006
Cash $25,000 $40,000
Short term investments 15,000 60,000
Accounts receivable 50,000 30,000
Inventory 50,000 70,000
Property, plant and equipment (net) 160,000 200,000
Total assets $300,000 $400,000
Liabilities and stockholders equity
Accounts payable $20,000 $30,000
Short term notes payable 40,000 90,000
Bonds payable 80,000 160,000
Common stock 60,000 45,000
Retained earnings 100,000 75,000
Total liabilities and stockholders equity $300,000 $400,000
Income statement (for the year ended December 31, 2007)
Net sales $360,000
Cost...
The long-term liability section of Northwest Corporation's
balance sheet as of December 31, 2020, included 4%...
The long-term liability section of Northwest Corporation's
balance sheet as of December 31, 2020, included 4% bonds having a
face amount of $500,000 and a remaining discount of $90,000.
Disclosure notes indicate the bonds were issued to yield 7%.
Interest expense is recorded at the effective interest rate and
paid on January 1 and July 1 of each year. On July 1, 2021,
Northwest retired the bonds at 101 before their scheduled maturity.
What is the amount of gain (loss)...
Carla Corporation is preparing its December 31, 2017, balance
sheet. The following items may be reported...
Carla Corporation is preparing its December 31, 2017, balance
sheet. The following items may be reported as either a current or
long-term liability.
1.
On December 15, 2017, Carla declared a cash dividend of $2.60
per share to stockholders of record on December 31. The dividend is
payable on January 15, 2018. Carla has issued 1,000,000 shares of
common stock, of which 50,000 shares are held in treasury.
2.
At December 31, bonds payable of $101,992,000 are outstanding.
The bonds...
The December 31, 2013, balance sheet of Schism, Inc., showed
long-term debt of $1,280,000, and the...
The December 31, 2013, balance sheet of Schism, Inc., showed
long-term debt of $1,280,000, and the December 31, 2014, balance
sheet showed long-term debt of $1,410,000. The 2014 income
statement showed an interest expense of $93,400. (Enter
your answer as directed, but do not round intermediate
calculations.)
Required:
What was the firm’s cash flow to creditors during 2014?
(Negative amount should be indicated by a
minus sign.)
Cash flow to
creditors
$