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kondaur [170]
3 years ago
8

On December 31, 2020, Windsor Company had $1,198,000 of short-term debt in the form of notes payable due February 2, 2021. On Ja

nuary 21, 2021, the company issued 23,200 shares of its common stock for $28 per share, receiving $649,600 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $548,400 cash, are used to liquidate the $1,198,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021.Show how the $1,198,000 of short-term debt should be presented on the December 31, 2020, balance sheet.
Business
1 answer:
emmasim [6.3K]3 years ago
6 0

Answer and Explanation:

The balance sheet is shown below:-

The computation of note payable is below:-

Notes Payable = $1,198,000 - $649,600

= $548,400

Total notes payable by the company are$1,198,000, of which $649,600 is common stock issue and $548,400 is cash liquidate.

                       Windsor Company

                     Partial Balance sheet

                       December 31, 2020

Particulars              Amount

Current Liabilities:

Notes Payable             $548,400

Long term Debt:  

Notes Payable            $649,600

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Thus the construction of the plant will cause a  rise in U.S GDP.

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3 years ago
Assume your city government has been contacting with a single garbage collection firm that has been granted an exclusive franchi
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3 years ago
A firm is planning to manufacture a new product. As the selling price is increased, the quantity that can be sold decreases. Num
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Answer:

Profit Maximising Quantity = 775

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5 0
3 years ago
On December 31, 2020, Flounder Company signed a $1,278,400 note to Culver Bank. The market interest rate at that time was 10%. T
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Answer:

All requirements are solved

Explanation:

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. Each periodic payment is the same amount in total for each period.

<u>Requirement A</u>

Amount of cash Flounder received from the loan =(1,278,400 x 0.62092) (102,272 x 3.79079)

Amount of cash Flounder received from the loan = 1,181,476    

   

<u>Requirement B</u>

Date           Cash           Interest         Increase in                 Carrying Amount

               Received Revenue     Carrying Amount         of Note

12/31/20                                                                                      1,181,476

12/31/21    102,272         118,148         15,876                       1,197,352

12/31/22   102,272         119,735         17,463                       1,214,815

<u>Requirement C</u>

Loss due to impairment = 1,214,815 - [(767,040 x 0.75131) (102,272 x 2.48685)]          

Loss due to impairment = 384,195    

6 0
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