The adjusted trial balance for Wildhorse Corporation at July 31, 2021, the corporation's fiscal year end, contained the following:Accounts payable$ 104,500Note payable$152,500Accounts receivable122,000Lease liability71,000Bonds payable, due 2025223,500Note receivable, due December 202138,000Interest payable5,500Unearned revenue11,000Of the lease liability amount, $17,750 is due within the next year. Total payments on the note payable in the fiscal year 2022 will be$29,500: $7,500 is for interest and $22,000 for principal repayments.(a)Prepare the non-current liabilities section of the balance sheet as at July 31, 2021. (Enter account name only and do not providedescriptive information.)WILDHORSE CORPORATIONBalance Sheet (Partial)$%24

Noncurrent liabilities include debentures, long-term loans, bonds due, deferred tax obligations,…

trial balance for Wildhorse Corporation at July 31, 2021, the corporation's fiscal year en $ 104,500 Note payable yable ceivable $152,500 122,000 Lease liability 71,000 ple, due 2025 223,500 38,000 Note receivable, due December 2021 able 5,500 Unearned revenue 11,000

trial balance for Wildhorse Corporation at July 31, 2021, the corporation's fiscal year en $ 104,500 Note payable yable ceivable $152,500 122,000 Lease liability 71,000 ple, due 2025 223,500 38,000 Note receivable, due December 2021 able 5,500 Unearned revenue 11,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 28E: On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First...

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The adjusted trial balance for Cullumber Corporation at July 31, 2021, the corporation’s fiscal year end, contained the following: Accounts payable $ 107,500 Note payable $157,000 Accounts receivable 125,500 Lease liability 73,000 Bonds payable, due 2025 229,500 Note receivable, due December 2021 39,000 Interest payable 5,500 Unearned revenue 11,000 Of the lease liability amount, $18,250 is due within the next year. Total payments on the note payable in the fiscal year 2022 will be $30,500: $8,000 is for interest and $22,500 for principal repayments.(a)Prepare the non-current liabilities section of the balance sheet as at July 31, 2021. (Enter account name only and do not provide descriptive information.) CULLUMBER CORPORATIONBalance Sheet (Partial)choose the accounting period select an opening section name…
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Constellation Corp. reported the following liability balances on December 31, 2021: 10% note payable issued on October 1, 2020, maturing October 1, 2022... 12% note payable issued on March 1, 2020, on March 1, 2022.... .P 2,000,000 4,000,000 The 2021 financial statements were issued on March 31, 2022. Under the loan agreement, the entity has the right on December 31, 2021 to roll over the 10% note payable for at least 12 months after December 31, 2021. On March 1, 2022, entire P 4,000,000 balance of the 12% note payable was refinanced through issuance of a long-term obligation payable lump-sum. What amount of the notes payable should be classified as current on December 31, 2021?
The following amortization schedule indicates the interest and principal to be repaid on an installment note established January 1, 2021, for a company with a March 31 fiscal year-end. Period 1/1-12/31, Year 1 Interest Expense on Notes Payable $ 560 424 #TITT 286 144 1,414 1/1-12/31, Year 2 1/1-12/31, Year 3 1/1-12/31, Year 4 Total Beginning Notes Payable $ 28,000 21, 207 14, 278 Repaid Principal Ending Notes 7,210 $ 6,793 6,929 7,068 7,210 28,000 Payable $ 21,207 14,278 7,210 Required: 1. Assuming the company makes the required annual payments on December 31, use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of Interest Expense to report in the year ended March 31, 2021; (c) the amount of Interest Expense to report in the year ended March 31, 2022; (d) the Notes Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the note's entire life 2. Assuming the company makes adjustments at the end…
On an entity’s April 30,2021 balance sheet a note receivable was reported as a noncurrent asset and its accrued interest for eight months was reported as a current asset. Which of the following terms would fit the entity’s note receivable? A. Principal and interest are due December 31, 2021. B. Principal is due August 31,2022, and interest is due August 31, 2021, and August 31, 2022. C. Both principal and interest amounts are payable on December 31, 2021 and December 31, 2022. D. Both principal and interest amounts are payable on August31, 2021, and August 31, 2022.
The following amortization schedule indicates the interest and principal to be repaid on an installment note established January 1, 2021, for a company with a March 31 fiscal year-end. Period Interest Expense on Notes Payable $ 560 424 #TITT 286 144 1,414 1/1-12/31, Year 1 1/1-12/31, Year 2 1/1-12/31, Year 3 1/1-12/31, Year 4 Total Beginning Notes Payable $ 28,000 21, 207 14, 278 Repaid Principal Ending Notes 7,210 $ 6,793 6,929 7,068 7,210 28,000 Payable $ 21,207 14,278 7,210 Required: 1. Assuming the company makes the required annual payments on December 31, use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of Interest Expense to report in the year ended March 31, 2021; (c) the amount of Interest Expense to report in the year ended March 31, 2022; (d) the Notes Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the note's entire life 2. Assuming the company makes adjustments at the end…
Remo Company reported the following liability balances on December 31, 2022: 12% note payable issued on October 1, 2021, maturing on October 1, 2023 - P2,000,000 10% note payable issued on March 1, 2021, maturing on March 1, 2023 - P4,000,000 The 2022 financial statements were issued on March 31, 2023. Under the loan agreement for the 12% note payable, the entity has the discretion to refinance the obligation for at least twelve months after December 31, 2022. On March 1, 2023, the entire P4,000,000 balance of the 10% note payable was refinanced through the issuance of a long-term obligation payable lump sum. What amount of the notes payable should be classified as noncurrent on December 31, 2022? A) P2,000,000 B) P6,000,000 P4,000,000 PO
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The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing’s 2021 financial statements were issued on April 1, 2022. Accounts receivable $ 107,000 Accounts payable 36,800 15% notes, payable to bank 630,000 Mortgage note payable 1,460,000 Other information: The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 15%, payable at maturity. The mortgage note is due on March 1, 2022. Interest at 14% has been paid up to December 31 (assume 14% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing paid $477,500 in cash on the principal balance and refinanced the remaining $982,500. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been…
Included in Sheridan Company's December 31, 2020, trial balance are the following accounts: Accounts Payable $244,000, Pension Liability $383,400, Discount on Bonds Payable $33,800, Unearned Rent Revenue $46,300, Bonds Payable $409,300, Salaries and Wages Payable $31,700, Interest Payable $14,810, and Income Taxes Payable $35,300. Prepare the long-term liabilities section of the balance sheet. SHERIDAN COMPANY Balance Sheet (Partial) %24 %24 %24
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