On December 31, 2012, Alexander Company had $1,235,900 of short-term debt in the form of notes payable due February 2, 2013. On January 21, 2013, the company issued 23,870 shares of its common stock for $44 per share, receiving $1,050,280 proceeds after brokerage fees and other costs of issuance. On February 2, 2013, the proceeds from the stock sale, supplemented by an additional $185,620 cash, are used to liquidate the $1,235,900 debt. The December 31, 2012, balance sheet is issued on February 23, 2013. Show how the $1,235,900 of short-term debt should be presented on the December 31, 2012, balance sheet.

On December 31, 2012, Alexander Company had $1,235,900 of short-term debt in the form of notes payable due February 2, 2013. On January 21, 2013, the company issued 23,870 shares of its common stock for $44 per share, receiving $1,050,280 proceeds after brokerage fees and other costs of issuance. On February 2, 2013, the proceeds from the stock sale, supplemented by an additional $185,620 cash, are used to liquidate the $1,235,900 debt. The December 31, 2012, balance sheet is issued on February 23, 2013. Show how the $1,235,900 of short-term debt should be presented on the December 31, 2012, balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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