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On December 31, year 2, Largo, Inc. had a $750,000 note payable outstanding, due July 31, year 3. Largo borrowed the money to finance construction of a new plant. Largo planned to refinance the note by issuing long-term bonds. Because Largo temporarily had excess cash, it prepaid $250,000 of the note on January 12, year 3.
In February year 3, Largo completed a $1,500,000 bond offering. Largo will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during year 3. On March 3, year 3, Largo issued its year 2 financial statements.
What amount of the note payable should Largo include in the current liabilities section of its December 31, year 2 balance sheet?
The following transactions pertain to Tree Corporation for 2015. Began operations when the business acquired $750,000 cash from the issue of common stock. Paid rent for office space for two years, $38,000 cash. Placed in a prepaid account. Prepare th..
If the price of money (e.g., interest rates and equity capital costs) increases due to an increase in anticipated inflation, the risk-free rate will also increase. If there is no change in investors' risk aversion
Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2 reduction in the selling price. What is the present ye..
Preparation of journal entries for various transactions in corporate - Prepare the journal entries for the following 2008 transactions. Place your answers below the rest of these questions.
Ann Kyser, a teacher at Hewitt Middle School, is in charge of ordering the T-shirts to be sold for the school’s annual fund-raising project. The T-shirts are printed with a special Hewitt School logo. If the school receives actual sales orders for 7..
We are taking a look at the social self as it relates to the group
Ted also owns a 10% of Subco (an S corporation) that had $100,000 of taxable income and distributed a total of $60,000 to its shareholders. How much must Ted include in his gross income as a result of being a shareholder in these two corporations?
The interest to be paid on the maturity date.
Smokey International Inc recently aquired the Kurtz Builders Company. Kurtz has incomplete accounting records. On one particular project, only the information below is available. Cost incurred during year ..... 2014 $200,000.00, 2015 $250,000.00. , 2..
Will it decrease bystander affect. Did you know this law existed? Would it change the way you act if you did
Santorini Corporation has experienced a number of out-of-stock situations with respect to its finished-goods inventories. Inventory at the end of May, for example, was only 50 units—an all-time low.
Calculate Net income to average common stockholders' equity, Number of days' sales in accounts receivable (assume 365 days in fiscal year 2011) and Inventory turnover.
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