Troubled debt restructuring When the unique terms of a debt agreement is encouraged by the financial complicationsby the debtor (borrower), the new agreement is referred to as a troubled debt restructuring. It includes some allowances on the part of the creditors (issuer). To Prepare: The journal entry to record the issuance of the notes.

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Answer 1

Question

Chapter 14, Problem 14.34E

(1)

To determine

Troubled debt restructuring

When the unique terms of a debt agreement is encouraged by the financial complicationsby the debtor (borrower), the new agreement is referred to as a troubled debt restructuring. It includes some allowances on the part of the creditors (issuer).

To Prepare: The journal entry to record the issuance of the notes.

(2)

To determine

To Prepare: The journal entry to record the restructuring of the debt at December 31, 2019.

(3)

To determine

To prepare: The journal entry to record the restructuring of the debt at December 31, 2020.

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Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese’s current benefit analysis is as follows: Yearly Benefit Costs Company Cost (Current) Employee Cost (Current) Medical insurance $ 6,400.00 $ 960.00 Dental insurance 145.00 145.00 Life insurance 330.00 0 AD&D 165.00 0 Short-term disability 66.00 0 Long-term disability 33.00 0 401(k) 825.00 1,650.00 Social Security 3,341.49 3,341.49 Medicare 781.48 781.48 Tuition reimbursement 2,250.00 0 Total yearly benefit costs (employer) $ 14,336.97 Employee’s annual salary 55,000.00 The total value of the employee’s compensation $ 69,336.97 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.

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Answer 2

Question

Chapter 14, Problem 14.34E

(1)

To determine

Troubled debt restructuring

When the unique terms of a debt agreement is encouraged by the financial complicationsby the debtor (borrower), the new agreement is referred to as a troubled debt restructuring. It includes some allowances on the part of the creditors (issuer).

To Prepare: The journal entry to record the issuance of the notes.

(2)

To determine

To Prepare: The journal entry to record the restructuring of the debt at December 31, 2019.

(3)

To determine

To prepare: The journal entry to record the restructuring of the debt at December 31, 2020.

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Answer 3

Question

Chapter 14, Problem 14.34E

(1)

To determine

Troubled debt restructuring

When the unique terms of a debt agreement is encouraged by the financial complicationsby the debtor (borrower), the new agreement is referred to as a troubled debt restructuring. It includes some allowances on the part of the creditors (issuer).

To Prepare: The journal entry to record the issuance of the notes.

(2)

To determine

To Prepare: The journal entry to record the restructuring of the debt at December 31, 2019.

(3)

To determine

To prepare: The journal entry to record the restructuring of the debt at December 31, 2020.

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Answer 4

Question

Chapter 14, Problem 14.34E

(1)

To determine

Troubled debt restructuring

When the unique terms of a debt agreement is encouraged by the financial complicationsby the debtor (borrower), the new agreement is referred to as a troubled debt restructuring. It includes some allowances on the part of the creditors (issuer).

To Prepare: The journal entry to record the issuance of the notes.

(2)

To determine

To Prepare: The journal entry to record the restructuring of the debt at December 31, 2019.

(3)

To determine

To prepare: The journal entry to record the restructuring of the debt at December 31, 2020.

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Answer 5

Chapter 14, Problem 14.34E

(1)

To determine

Troubled debt restructuring

When the unique terms of a debt agreement is encouraged by the financial complicationsby the debtor (borrower), the new agreement is referred to as a troubled debt restructuring. It includes some allowances on the part of the creditors (issuer).

To Prepare: The journal entry to record the issuance of the notes.

(2)

To determine

To Prepare: The journal entry to record the restructuring of the debt at December 31, 2019.

(3)

To determine

To prepare: The journal entry to record the restructuring of the debt at December 31, 2020.

Answer 6

Chapter 14, Problem 14.34E

(1)

To determine

Troubled debt restructuring

When the unique terms of a debt agreement is encouraged by the financial complicationsby the debtor (borrower), the new agreement is referred to as a troubled debt restructuring. It includes some allowances on the part of the creditors (issuer).

To Prepare: The journal entry to record the issuance of the notes.

Answer 7

Chapter 14, Problem 14.34E

(1)

To determine

Troubled debt restructuring

When the unique terms of a debt agreement is encouraged by the financial complicationsby the debtor (borrower), the new agreement is referred to as a troubled debt restructuring. It includes some allowances on the part of the creditors (issuer).

To Prepare: The journal entry to record the issuance of the notes.

Answer 8

(2)

To determine

To Prepare: The journal entry to record the restructuring of the debt at December 31, 2019.

Answer 9

(2)

To determine

To Prepare: The journal entry to record the restructuring of the debt at December 31, 2019.

Answer 10

(3)

To determine

To prepare: The journal entry to record the restructuring of the debt at December 31, 2020.

Answer 11

(3)

To determine

To prepare: The journal entry to record the restructuring of the debt at December 31, 2020.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Solution Summary: The author explains that a troubled debt restructuring includes some allowances on the part of the creditors.

Concept explainers

To Prepare: The journal entry to record the restructuring of the debt at December 31, 2019.

To prepare: The journal entry to record the restructuring of the debt at December 31, 2020.

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Chapter 14 Solutions