On March 1, 2024, Delta Airlines borrows $60 million, with $15 million due next year. Show how Delta Airlines would record the $60 million debt on its December 31, 2024, balance sheet.
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- On September 1, 2021, Southwest Airlines borrows $40 million, of which $8.0 million is due next year. Show how Southwest Airlines would record the $40 million debt on its December 31, 2021, balance sheet. (Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.) SOUTHWEST AIRLINES Partial Balance Sheet December 31, 2021 Current liabilities: Current portion of long-term debt Long-term liabilities: Notes payable Total liabilities $On December 1, 2021, your company borrowed $48,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2022, $6,400; 2023, $9,600; 2024, $12,800; and 2025, $19,200. Show how this loan will be reported in the December 31, 2022 and 2021 balance sheets, assuming principal payments will be made when required. Balance Sheet (Partial) As of December 31 2022 2021 Total LiabilitiesOn December 1, 2021, your company borrowed $15,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2022, $2,000; 2023, $3,000; 2024, $4,000; and 2025, $6,000. Show how this loan will be reported in the December 31, 2022 and 2021, balance sheets, assuming principal payments will be made when required. Total Liabilities Balance Sheet (Partial) $ As of December 31 2022 2021 0 0 4
- On 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 liabilitiesCoulson Company is refinancing long-term debt. Accessed March 15, 2022. Its fiscal year ends December 31, 2021. The refinancing is scheduled to be completed on December 15, 2021. What if it's finished on January 15, 2022?Domestic
- Express Jet borrows $100 million on October 1, 2021, for one year at 6% interest. For what amount does Express Jet report interest expense for the year ended December 31, 2022?a. $0. b. $4.5 million. c. $1.5 million. d. $6 million.Solve it correctlyConsider the following liabilities of Future Brands, Inc., at December 31, 2021, the company's fiscal year-end. Should they be reported as current liabilities or long-term liabilities? 1. $77 million of 8% notes are due on May 31, 2025. The notes are callable by the company's bank, beginning March 1, 2022. 2. $102 million of 8% notes are due on May 31, 2026. A debt covenant requires Future to maintain a current ratio (ratio of current assets to current liabilities) of at least 2 to 1. Future is in violation of this requirement but has obtained a waiver from the bank until May 2022, since both companies feel Future will correct the situation during the first half of 2022. 1 2 Classification
- Consider the following liabilities of Future Brands, Inc., at December 31, 2021, the company’s fiscal year-end. Should they be reported as current liabilities or long-term liabilities? 1. $77 million of 8% notes are due on May 31, 2025. The notes are callable by the company’s bank, beginning March 1, 2022.2. $102 million of 8% notes are due on May 31, 2026. A debt covenant requires Future to maintain a current ratio (ratio of current assets to current liabilities) of at least 2 to 1. Future is in violation of this requirement but has obtained a waiver from the bank until May 2022, since both companies feel Future will correct the situation during the first half of 2022.On July 1, 2020, Thomas Company, which follows calendar year accounting, issued $240.000 note to be repaid over four years in monthly installments of $5,000. What would be the proper balance sheet presentation of this transaction at December 31, year 2020. Show it: The Current Portion of the Long-Term Debt and the Long-Term Debt.On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the principal and interest will be paid. Calculate the amount of interest expense that Walker Inc. should report on its income statement for the year ended December 31, 2021. (round to the nearest dollar)
