Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
On December 31, 2014, Gibson Company has $18,200,000 of short-term debt in the form of notes payable to Blue Lagoon State Bank due in 2015. On January 28, 2015, Gibson enters into a refinancing agreement with Blue Lagoon that will permit it to borrow up to 60% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $15,600,000 in May to a high of $20,800,000 in October during the year 2015. The interest cost of the maturing short-term debt is 15%, and the new agreement calls for a fluctuating interest at 1% above the prime rate on notes due in 2019. Gibson intends to use the refinancing agreement to the fullest extent possible. Gibson's December 31, 2014, balance sheet is issued on February 15, 2015.
Instructions
Prepare a partial balance sheet for Gibson at December 31, 2014, showing how its $18,200,000 of shortterm debt should be presented, including note disclosure.
Smith Corporation is preparing its December 31, 2009, balance sheet. The following items may be reported as either a current or long-term liability.
When a corporation distributes property to its shareholders, it: A) may recognize either gain or loss. B) may recognize gain, but never a loss. C) may recognize a loss, but never a gain
Norma, the proprietor of Hyacinth Enterprises, withdrew $50,000 from Hyacinth during the year. Assuming Norma has no other capital gains or losses, how does this information affect her taxable income for 2009?
Freddy purchased a certificate of deposit for $20,000 on January 1, 2010. The certificate's maturity value in two years (December 31, 2011) is $22,050, yielding 5% before-tax interest.
What is the promotional expence that Drew-Richards should report on its 2011 income statement? What is the premium liability that Drew-Richards should report in its 2011 balance sheet?
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column.
what types of businesses use the cash basis of accounting? how are revenues and expenses recognized in a cash basis
Determine ending inventories of Direct Materials, Work In Process, and Finished Good, Draft an insurance claim letter for the controller,seeking reimbursment for the damage to invemtory.
A new wholesaler has offered to buy 17,000 packages for $3.47 each. These markers would be marketed under the wholesaler's name and would not affect Cayman Products' sales through its normal channels.
Why do you think present value is an important concept for management to understand? Do you think it should be used for all financial statements items, why or why not?
The fair value of net identifiable assets exclusive of goodwill of a reporting unit of X Company is $300,000. On X Company's books, the carrying value of this reporting unit's net assets is $350,000, including $60,000 goodwill. If the fair value o..
The material price variance was 1370 favorable and find the standard price per kilogram for raw material?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd