14% term note, due 2017 11% term note, due 2019 30,000.00 1,070,000.00 8% note, due in 11 equal annual principal amount plus interest beginning December 31, 2017 1,100,000.00 7% guaranteed debenture, due 2018 1,100,000.00 The annual sinking fund requirement on the guaranteed debentures is 40,000 per year. What total amount should be reported as current liabilities on December 31, 2016? 40,000 70,000 130,000 100,000

14% term note, due 2017 11% term note, due 2019 30,000.00 1,070,000.00 8% note, due in 11 equal annual principal amount plus interest beginning December 31, 2017 1,100,000.00 7% guaranteed debenture, due 2018 1,100,000.00 The annual sinking fund requirement on the guaranteed debentures is 40,000 per year. What total amount should be reported as current liabilities on December 31, 2016? 40,000 70,000 130,000 100,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 14E: Amount of an Annuity Beginning December 31, 2023, 5 equal annual withdrawals are to be made....

See similar textbooks

Similar questions

Amount of an Annuity Beginning December 31, 2023, 5 equal annual withdrawals are to be made. Required: Using the appropriate tables, determine the equal annual withdrawals if 25,000 is invested at an interest of 12% compounded annually on: 1. January 1, 2023 2. December 31, 2023 3. January 1, 2020
Value of an Annuity Using the appropriate tables, solve each of the following. Required: 1. Beginning December 31, 2020, 5 equal withdrawals are to be made. Determine the equal annual withdrawals if 30,000 is invested at 10% interest compounded annually on December 31, 2019. 2. Ten payments of 3,000 are due at annual intervals beginning June 30, 2020. What amount will be accepted in cancellation of this series of payments on June 30, 2019, assuming a discount rate of 14% compounded annually? 3. Ten payments of 2,000 are due at annual intervals beginning December 31, 2019. What amount will be accepted in cancellation of this series of payments on January 1, 2019, assuming a discount rate of 12% compounded annually?
Short-Term Debt Expected to Be Refinanced On December 31, 2019, Excello Electric Company had 1 million of short-term notes payable due February 7, 2020. Excello expected to refinance these notes on a long-term basis. On January 15, 2020, the company issued bonds with a face value of 900,000 for 882,000. On January 22, 2020, the proceeds from the bond issue plus additional cash held by Excello on December 31, 2019, were used to liquidate the 1 million of short-term notes. The December 31, 2019, balance sheet is issued on February 12, 2020. Required: Prepare a partial balance sheet as of December 31, 2019, showing how the 1 million of short-term notes payable should be disclosed. Include an appropriate footnote for proper disclosure.
Assuming a 360-day year, when a $11,918, 90-day, 10% interest-bearing note payable matures, total payment will be a.$13,110 b.$1,192 c.$298 d.$12,216
A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018 at 14% converted semi-annually? P15,257.90 P33,500.39 P 28, 600.21 P36,548,19 Find the amount of an ordinary annuity of 20 semi-annual payments of P1, 000 if interest rate is 12% compounded semi-annually. P15,257.90 P33,567.21 P 38, 678.15 P36,785.59
Assuming a 360-day year, when a $14, 000, 90 - day, 12% interest - bearing note payable matures, the total payment will be a. $14, 420 b. $420 c. $1,680 d. $15, 680
Amortization Schedule - Long-term Note January 1, 2020 Wang Co borrows $40,000 at 5% for 7 years. Determine the blended annual December 31, year-end payments. Prepare an amortization schedule. N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) Required 1 Prepare the loan amortization schedule using the effective interest method. Beginning Balance Interest Principal Payment Annual Principal Page T Period Раде Payment Expense Balance 1 2 3 4 6 7 2 Determine the amount that would be presented on the balance sheet at December 31, 2020 (at end of year 1) as: Current portion of long-term note at December 31, 2020 3 Prepare the journal entry to record the last loan payment. General Journal DR CR
Assuming a 360-day year, when a $11,200, 90-day, 5% interest-bearing note payable matures, the total payment will be Oa. $560 Ob. $140 Oc. $11,760 Od. $11,340 0 0 0 0
A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018 at 14% converted semi-annually? P15,257.90 B P33,500.39 © P 28, 600.21 P36,548,19
Assuming a 360-day year, when a $13,430, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $14,907 $1,477 $369 $13,799
Pr On December 31, 2021, Precious Company sold an equipment with earrying amownt of P2,000,000 and received On the for of 1 annually for ten years. The first payment is due December 31, 2022. The prevailing rate of interest for this type of note at date of issuance is 12%. Th Th wa 0.322 Present value of 1 at 12% for 10 periods Present value of ordinary annuity of 1 at 12% for 10 periods PV PV 5.650 1. On December 31, 2021, what is the carrying amount of the note receivable? 1. a. 5,000,000 b. 2,175,000 c. 1,610,000 d. 2,825,000 2. What amount should be recognized as gain on sale of equipment in 2021? a. 3,000,000 b. 2,175,000 825,000 d. c. 3. What amount of interest income should be recognized for 2022? 3. a. 600,000 b. 339,000 c. 319,800 d. 300,000 4. What is the carrying amount of the note receivable on December 31, 2022? a. 2,325,000 b. 4,500,000 c. 2,825,000 d. 2,664,000 AI QUAD CAMERA Shot by jeremy 194 2021/10/06 1O:40 2.
Assuming a 360-day year, when a $11,392, 90-day, 10% interest-bearing note payable matures, total payment will be a. $11,677 Ob. $12,531 Oc. $1,139 Od. $285 That's Built PlueA