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Mkey [24]
3 years ago
8

On December 31, 2006, Frye Co. has $2,000,000 of short-term notes payable due on February 14, 2007. On February 2, 2007, Frye is

sued a three-year notes to borrow $1,500,000 from County Bank and used $200,000 additional cash to liquidate $1,700,000 of the short-term notes payable.
The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2006 balance sheet which is issued on March 5, 2007, is $___.
Business
1 answer:
Juli2301 [7.4K]3 years ago
5 0

Answer:

The amount of short term notes payable reported as Current liabilities (CL) on December 31, 2006 is $500,000

Explanation:

The amount of short term notes payable reported as Current liabilities (CL) on December 31, 2006 is computed as:

Amount of short term notes payable = Short term notes payable due on Feb 14 - Borrowed from County Bank

where

Short term notes payable due on Feb 14 is $2,000,000

Borrowed from County Bank is $1,500,000

Putting the values above:

Amount of short term notes payable  =  $2,000,000 - $1,500,000

Amount of short term notes payable = $500,000

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Mcmurtry Corporation sells a product for $250 per unit. The product's current sales are 13,600 units and its break-even sales ar
timofeeve [1]

Answer:

22%

Explanation:

Margin of Safety is the amount by which sales can fall before making a loss.

Margin of Safety = Expected Sales - Break-even Sales ÷ Expected Sales

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Why might you complete a 1040 instead of a 1040EZ
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3 years ago
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The entry to record the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organiz
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3 0
2 years ago
Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the
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Answer:

Variable cost per unit = $42 per unit

Total fixed cost = $107,730

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Explanation:

Mathematically;

Variable cost per unit=[Total cost at highest level-Total cost at lowest level]/(Highest level-Lowest level)

From the question;

Total cost at highest level = 223,440

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5 0
3 years ago
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