Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
9th Edition
ISBN: 9781305635937
Author: Eugene F. Brigham, Joel F. Houston
Publisher: Cengage Learning
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Chapter 3, Problem 2DQ
Summary Introduction

To analyze: The long term debt and source of finance for Company W.

Introduction:

Long-term Debt:

The portion of total liabilities of a firm that will not be due in the current accounting period or within 1 year is called long term debt. It is usually, borrowed on fixed cost known as interest charges that is paid on periodical intervals.

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The Murdock Corporation reported the following balance sheet data for 2018 and 2017:     2018   2017   Cash $ 98,465     $ 34,355     Available-for-sale debt securities (not cash equivalents)   25,000       104,000     Accounts receivable   99,000       85,350     Inventory   184,000       162,100     Prepaid insurance   3,210       3,900     Land, buildings, and equipment   1,288,000       1,144,000     Accumulated depreciation   (629,000 )     (591,000 )   Total assets $ 1,068,675     $ 942,705     Accounts payable $ 93,440     $ 167,670     Salaries payable   27,600       34,000     Notes payable (current)   42,100       94,000     Bonds payable   219,000       0     Common stock   300,000       300,000     Retained earnings   386,535       347,035     Total liabilities and shareholders' equity $ 1,068,675     $ 942,705         Additional information for 2018:  (1.) Sold available-for-sale debt securities costing $79,000 for $85,400. (2.)…

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Fundamentals of Financial Management, Concise Edition (MindTap Course List)

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