On March 15, 2024, Delta Airlines takes out a $60 million loan, with $15 million due within the next year. Show how Delta Airlines should record this debt on its December 31, 2024, balance sheet.
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- 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.Presented below are two different situations related to Mckee Corporation’s debt obligations. Mckee’s next financial reporting date is December 31, 2020. The financial statements are authorized for issuance on March 1, 2021. 1. Mckee has a long-term obligation of $400,000, which is maturing over 4 years in the amount of $100,000 per year. The obligation is dated November 1, 2020, and the first maturity date is November 1, 2021. 2. Mckee has a short-term obligation due February 15, 2021. Its lender agrees to extend the maturity date of this loan to February 15, 2023. The agreement for extension is signed on January 15, 2021. Instructions Indicate how each of these debt obligations is reported on Mckee’s statement of financial position on December 31, 2020.On January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of which $540000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is: O Current liabilities, $540000; Long-term Debt, $1080000. O Current liabilities, $2160000. O Current liabilities, $540000; Long-term Debt, $1620000. O Long-term debt, $2160000.
- On January 1, 2020, Elmer Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is Group of answer choices Current liabilities $2,000,000 Long-term debt $2,000,000 Current liabilities $500,000 and Long-term debt $1,000,000 Current liabilities $500,000 and Long-term debt $1,500,000Presented below are two different situations related to Mckee Corporation’s debt obligations. Mckee’s next financial reporting date is December 31, 2017. The financial statements are authorized for issuance on March 1,2018.1. Mckee has a long-term obligation of $400,000, which is maturing over 4 years in the amount of $100,000 per year. The obligation is dated November 1, 2017, and the first maturity date is November 1, 2018.2. Mckee has a short-term obligation due February 15, 2018. Its lender agrees to extend the maturity date of this loan to February 15, 2020. The agreement for extension is signed on January 15, 2018.InstructionsIndicate how each of these debt obligations is reported on Mckee’s statement of financial position on December 31, 2017.Pearl Inc. wishes to accumulate $1,352,000 by December 31, 2030, to retire bonds outstanding. The company deposits $208,000 on December 31, 2020, which will earn interest at 12% compounded quarterly, to help in the retirement of this debt. In addition, the company wants to know how much should be deposited at the end of each quarter for 10 years to ensure that $1,352,000 is available at the end of 2030. (The quarterly deposits will also eam at a rate of 12%, compounded quarterfy.) (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Annuity of value of quarterly deposits
- Red Corporation had $1,750,000 in total liabilities and $3,000,000 in total assets as of December 31, 2020. Of Red's total liabilities, $600,000 is long-term. Required: Calculate Red's debt to assets ratio and its long-term debt to equity ratio. Round your answers to four decimal places, if required. Debt to Total Assets fill in the blank 1 Long-Term Debt to Total Equity fill in the blank 2On January 1, 2025, Ivanhoe Company, a calendar-year company, issued $1760000 of notes payable, of which $440000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2025, is Current liabilities, $1760000. ○ Current liabilities, $440000; Long-term Debt, $880000. Current liabilities, $440000; Long-term Debt, $1320000. ○ Long-term debt, $1760000.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. 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 January 1, 2022, Paulding Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2022, is Current liabilities, $1,000,000. Long-term debt, $1,000,000. Current liabilities, $250,000; Long-term Debt, $750,000. Current liabilities, $750,000; Long-term Debt, $250,000.On January 1, 2021, the Marjlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in 2022. Construction expenditures for 2021, which were incurred evenly throughout the year, totaled $6,000,000. Marjlee had the following debt obligations which were outstanding during all of 2021: Construction loan, 10% $ 1,500,000Long-term note, 9% 2,000,000Long-term note, 6% 4,000,000 Required:Calculate the amount of interest capitalized in 2021 for the building using the specific interest method.
