Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Textbook Question
Chapter 13, Problem 32P
Mondesto Company has the following debts:
| Unsecured creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $230,000 |
| Liabilities with priority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 110,000 |
| Secured liabilities: | |
| Debt 1, $210,000; value of pledged asset . . . . . . . . . . . . . . . . . . . . | 180,000 |
| Debt 2, $170,000; value of pledged asset . . . . . . . . . . . . . . . . . . . . | 100,000 |
| Debt 3, $120,000; value of pledged asset . . . . . . . . . . . . . . . . . . . . | 140,000 |
The company also has a number of other assets that are not pledged in any way. The creditors holding Debt 2 want to receive at least $142,000. For how much do these free assets have to be sold so that the creditors associated with Debt 2 will receive exactly $142,000?
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Mondesto Company has the following debts:
Unsecured creditors . . . . . . . $230,000Liabilities with priority . . . . . 110,000Secured liabilities:Debt 1, $210,000; value of pledged asset . . . . . . . . . . . . . . . . . . . . 180,000Debt 2, $170,000; value of pledged asset . . . . . . . . . . . . . . . . . . . . 100,000Debt 3, $120,000; value of pledged asset . . . . . . . . . . . . . . . . . . . . 140,000
The company also has a number of other assets that are not pledged in any way. The creditors holding Debt 2 want to receive at least $142,000. For how much do these free assets have to be sold so that the creditors associated with Debt 2 will receive exactly $142,000?
The following data were abstracted from the records of Ballistic Corporation for the year:
Sales .................................................
$900,000
Bond interest expense .................................
50,000
Income taxes ..........................................
200,000
Net income ............................................
300,000
How many times was bond interest earned?
a.
18.0
b.
15.0
c.
11.0
d.
10.0
could you please show me how to calculate
These account balances at December 31 relate to Sportplace, Inc.:Accounts Payable ........................ $ 51,700Accounts Receivable....................Common Stock ...........................81,050Treasury Stock ............................Bonds Payable .............................313,0005,7003,300Paid-in Capital in Excessof Par—Common................................. $240,000Preferred Stock, 10%, $100 Par................Retained Earnings.....................................Notes Receivable.......................................85,00071,90012,800Q10-62. What is total paid-in capital for Sportplace? (Assume that treasury stock does notreduce total paid-in capital.)a. $632,300b. $709,900c. $643,700d. $638,000e. None of the above
Chapter 13 Solutions
Advanced Accounting
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