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4vir4ik [10]
2 years ago
6

On April 1, 2021, the Electronic Superstore borrows $23 million of which $7 million is due in 2022. Show how the company would r

eport the $23 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.)
Business
1 answer:
Serggg [28]2 years ago
4 0

Answer:

Long term liabilities is $23,000,000

Explanation:

                 Electronic Superstore

        Balance Sheet (Not Full) at December 31, 2021

Details                                                Amount ($)

Current liabilities                                     NA

Long-term liabilities                         <u>  23,000,000 </u>    

Total liabilities                                   <u> 23,000,000 </u>                  

Note that the $7 million will due in 2022  not in 2021. Therefore, this does not effect on the 2021 balance sheet entries.      

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6 0
2 years ago
Sue purchased a 3.5 percent, $100,000 U. S. Treasury bond 6 months ago when the bid quote was 124.1850 and the asked quote was 1
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Answer:

The total dollar return on this investment is $1765

Explanation:

The total dollar return on the investment by Sue is a sum of the interest earned by Sue during this period and the profit due to the increase in bid/ask price of the bond.

Interest earned = [(0.035/2) x $100,000] = $1750;  

The selling price by Sue today will be the bid quote today and for the purchase price on which Sue bought the bond we will take the asked quote on purchase.

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= [(124.2175 - 124.2025) x $100,000] = $15

Total return = $1750 + $15 = $1765

8 0
3 years ago
Read 2 more answers
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