On december 31 2014 santana company has 7194600 of

Reference no: EM13481541

On December 31, 2014, Santana Company has $7,194,600 of short-term debt in the form of notes payable to Golden State Bank due in 2015. On January 28, 2015, Santana enters into a refinancing agreement with Golden that will permit it to borrow up to 56% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,192,000 in May to a high of $8,014,000 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. Santana's December 31, 2014, balance sheet is issued on February 15, 2015.

Reference no: EM13481541

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