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Soloha48 [4]
3 years ago
7

Included in Vernon Corp.'s liability account balances at December 31, 2017, were the following: 7% note payable issued October 1

, 2017, maturing September 30, 2018 $375,000 8% note payable issued April 1, 2017, payable in six equal annual installments of $225,000 beginning April 1, 2018 900,000 Vernon's December 31, 2017 financial statements were issued on March 31, 2018. On January 15, 2018, the entire $900,000 balance of the 8% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2018, Vernon consummated a noncancelable agreement with the lender to refinance the 7%, $375,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. On the December 31, 2017 balance sheet, the amount of the notes payable that Vernon should classify as short-term obligations is:
Business
1 answer:
Pavlova-9 [17]3 years ago
7 0

Answer:

Explanation:

Short-term: due within a year after closing the statment: that is Dec 31th 2018

There are two promissory notes outstanding:

October 1st

and April 1st

April 1st 2017 was refinanced to a single payment in the long-term thusnot short term

Also during March, the borrower agree  to refinance

The negociation for Oct 1st provee successfully thus we should consider the promissory note long-term notes still.

We can conclde there are no hort term note payable for Vernon as it manage to refinance all his short.term debt

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For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as foll
jeka94

Answer: $4,750

Explanation:

In calculating the deferred tax liability Tringali should use only the Temporary Difference as the Permanent difference is not considered and the temporary difference creates a difference in tax that will be paid later.

Doing that therefore will result in the following,

= 25% * 19,000

= $4,750

$4,750 is the amount that Tringali should report as its deferred income tax liability as of the end of its first year of operations.

I do not see it in the options but it is the correct answer.

4 0
3 years ago
In a corporation, the________ is the group of people elected to oversee the firm’s activities and ensure that management acts in
Alexandra [31]

Every cooperation is usually guided by a set of individual the board of directors is the group of people elected to oversee the firm’s activities and ensure that management acts in the shareholders’ best interests.

<h3>Who are board of directors?</h3>

They are individuals that are elected by the shareholders of a company usually to govern and oversee the affairs of the cooperation.

They make decisions on behalf of the stakeholders.

Therefore, board of directors is the group of people elected to oversee the firm’s activities and ensure that management acts in the shareholders.

Learn more about board of directors here

brainly.com/question/15690599

3 0
3 years ago
Andre Company does not segregate sales and sales taxes when it charges customers at the register. Its register total for a given
ahrayia [7]

Answer:C- $5,381 and $343

Explanation:

Andre Company had sales of $5,724 which has a 6% sales tax included in the sales.

Therefore we need to calculate what the sales tax component in the sales figure is. It is calculated thus:

Total sales including tax = $5, 724

Sales tax charged is 6%

Therefore actual sales = $5,724 * 6%

Equals $343

Adjusted sales is $5,724-$343= $5,381.

Adjusted Sales figure is $5,381

Tax on sales is $343

6 0
3 years ago
Damian invests $5,000 today in an account earning 6% per year. How much is the investment worth in 4 years?
sp2606 [1]

Based on the fact that Damien invested $5,000 and left it in an account that earns 6% for 4 years, the investment worth would be b. $6,312.38.

<h3>What would be the value of the investment?</h3>

The value of the investment in 4 years is considered to be its future value when looking at it from the present.

Using the rate being earned, the investment amount, and the number of years the investment will be invested, the future value formula is:

Future value = Investment x ( 1 + rate)^ number of years

Solving gives:

= 5,000 x ( 1 + 0.06) ⁴

= 5,000 x 1.06⁴

= 5,000 x 1.26247696

= $6,312.3848

= $6,312.38

In conclusion, the value of Damien's investment after a period of four years at 6% per year comes to $6,312.38.

Find out more on future value at brainly.com/question/24703884

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7 0
1 year ago
Suppose in year 1 the CPI is 90, in year 2 the CPI is 100, and in year 3 the CPI is 110. Then, inflation is
omeli [17]

Answer: E) Both answers B and D are correct.

Explanation:

Inflation using the Consumer Price Index is calculated by;

= (CPI in current year - CPI in previous year) / CPI in previous year

Year 2 Inflation = (100 - 90) / 90

= 11%

Year 3 Inflation = (110 - 100) / 100

= 10%

7 0
3 years ago
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