long term debt was on BKC's balance sheet at the end of 2019
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Bernard King Co.'s (BKC)
How much long term debt was on BKC's balance sheet at the end of 2019?
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- On December 31, 2020, Oriole Company has $6,941,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On December 28, 2020, Oriole enters into a refinancing agreement with Gotham that will permit it to borrow up to 52% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,949,000 in May to a high of $7,947,000 in October during the year 2021. 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 2025. Oriole’s December 31, 2020, balance sheet is issued on February 15, 2021.Prepare a partial balance sheet for Oriole at December 31, 2020, showing how its $6,941,000 of short-term debt should be presented. (Enter account name only and do not provide descriptive information.) ORIOLE COMPANYPartial Balance Sheetchoose the accounting period select…X Corporation expects the following transaction in 2020. Their first year of operations.· Allowance for bad debts, end of year is 80,000· Sales (some receivables are collectible in 2021) 1,500,000· Bad debt written offs during the year 10,000· Disbursements of costs and expenses 1,200,000· Disbursements for income taxes 90,000· Accounts receivable, end of year, net- 70,000· Purchases of fixed assets for cash 400,000· Proceeds from issuance of ordinary shares 580,000· Proceed from short-term borrowings 100,000· Payments on short-term borrowings 60,000· Depreciation on fixed assets 80,000· Loss on sale of fixed assets (book value 100,000) 10,000What is the cash balance at December 31, 2020? • 470,000 • 300,000 • 390,000 • 370,000 • None of the aboveAt 30th June 2018 a company’s provision for doubtful debts was £78,000. At 30th June 2019 debtors (receivables) totalled £1,034,000. It was decided to write off debts totalling £74,000 and to adjust the provision to the equivalent of 5% of remaining debtors (receivables). What figure should appear in the income statement for bad and doubtful debts expense for the year ended 30 June 2019? £74,000 £44,000 £47,700 £104,000
- Able Inc. borrowed $60,000 on October 1, 2019 and agreed to pay back $75,000 on October 1, 2022. How much did Able show in interest payable and interest expense in its annual financial statements at December 31, 2021? O Interest expense $5,000; interest payable $11,250 Interest expense $5,000; interest payable $3,750 O Interest expense $5,000; interest payable $5,000 Both interest expense and interest payable $11,250 O Interest expense is $11,250 and interest payable is $5,00OOn April 1, 2021, the Electronic Superstore borrows $21 million of which $7 million is due in 2022. Show how the company would report the $21 million debt on its December 31, 2021 balance sheet. (Enter your answers in dollars not in millions. For example, $7,000,000 rather than $7 million.) Electronic Superstore Partial Balance sheet December 31st 2021 Current liabilities: Long-term liabilities: Total liabilitiesCryer, Inc. has a $45,000,000 note payable on its balance sheet as of 12/31/19, of which $6,000,000 is due in 2020. Cryer will report the liability as what on its 12/31/19 balance sheet: O A $6,000,000 current liability and a $45,000,000 long-term liability O A $45,000,000 long-term liability O A $45,000,000 current liability O A $6,000,000 current liability and a $39,000,000 long-term liability
- Cheyenne Corp. borrowed $1080000 from National Bank on May 31, 2019. The 3-year, 7% note required annual payments of $411536 beginning May 31, 2020. The total amount of interest to be paid over the life of the loan is O $75600. O $154608. O $301688. O $226800.Please Explain Proper Step by Step and do not give solution in image format ??On January 1, 2021, Banco de Oro made a 1,000,000 8% loan with interest receivable at the end of each year in the amount of 80,000 and the principal amount to be received at the end of five years. At the end of 2021, the borrower is experiencing financial difficulties so the interest for the first year in the amount of 80,000 has not yet been received. The borrower negotiated a restructuring of the loan. The payment of all of the interest for 5 years will be delayed until the end of the 5-year loan term. In addition, the amount of principal repayment will be dropped from P1,000,000 to P500,000. The PV of 1 at 8% for 4 periods is 0.735. No interest revenue has been recognized in 2021 in connection with the loan. What amount should be reported as interest income for 2022?
- 1. What should be reported as total current liabilities? 2. What amount should be reported as total noncurrent liabilities?CPA Bank Co. loaned P6,750,000 to a borrower on January 1, 2018. The terms of the loan were payment in full on January 1, 2023 plus annual interest payment at 12%. The interest payment was made as scheduled on January 1, 2019. However, due to financial setbacks, the borrower was unable to make the 2020 interest payment. The bank considered the loan impaired and projected the cash flows from the loan on December 31, 2020. The bank has accrued the interest on December 31, 2019, but did not continue to accrue interest for 2020 due to the impairment of the loan. The projected cash flows are: December 31, 2021, P1,125,000; December 31, 2022, P1,500,000; December 31, 2023, P1,875,000 and December 31, 2024, P2,250,000. The present value of 1 at 12% is 0.89 for one period, 0.80 for two periods, 0.71 for three periods and 0.64 for four periods. What is the carrying amount loan receivable as of December 31, 2021?At January 1, 2021, Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $39 million, 10% unsecured note. The note was signed January 1, 2018, and was due December 31, 2024. Annual interest was last paid on December 31, 2019. Rothschild Chair Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare all journal entries by Rothschild Chair Company, Inc., to record the restructuring and any remaining transactions relating to the debt under each of the independent circumstances below: 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $35 million but carried on Rothschild Chair Company's books at $30.1 million. 2. First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four…
