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NeTakaya
3 years ago
12

At December 31, 2020, Wildhorse Company has outstanding three long-term debt issues. The first is a $1,810,000 note payable whic

h matures June 30, 2023. The second is a $4,830,000 bond issue which matures September 30, 2024. The third is a $13,760,000 sinking fund debenture with annual sinking fund payments of $2,752,000 in each of the years 2022 through 2026. Prepare the required note disclosure for the long-term debt at December 31, 2020.
Business
1 answer:
grandymaker [24]3 years ago
4 0

Answer and Explanation:

The Preparation of note disclosure for the long-term debt is shown below:-

              Note disclosure for the long-term debt

               At the year end 31, December 2020

Year                Amount                 Working note

2021                    0

2022             $2,752,000   From annual sinking fund payment

2023             $4,562,000        ($1,810,000 annual sinking fund payment + $2,752,000 note payable maturity)

2024             $7,582,000         ($4,830,000 annual sinking fund          payment + $2,752,000 bond maturity)

2025             $2,752,000    From annual sinking fund payment

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Identify which basic principle of accounting is best described in each item below. (a) Norfolk Southern Corporation reports reve
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Answer:

The answers are,

For A. It's the revenue recognition principle in which revenue is recognised when it is earned, now when the cash is realized.

For B. Its the matching concept in which all expenses related with earnings are debited against it to find the profit or loss.

For C. It's full disclosure principle in which all events in material nature has to be disclosed. We can say that going concern effects this as well, as if any event affect the continuity of an entity, it has to be disclosed as well.

For D. It's the historical cost principle in which you account the assets and expenses at the price you paid for them. When the value increases over time, you can reevaluate and adjust it.

Explanation:

7 0
3 years ago
A customer asks Roger a question about a product, and he isn't sure of the correct answer. He immediately phones his supervisor
Vikentia [17]

Answer:

Roger used the technique of "responding to every concern by the customer" for building positive customer relations.

Explanation:

Building up strong customer relationships includes following techniques:

  1. Communication which means inquiring customer needs and wants, listening to them, providing them  information.
  2. Exceeding Customer Expectations
  3. Providing Value in the form of quality products and services
  4. Responding to every concern which means taking each and every question, doubts or concerns of a customer seriously and providing them with the required information.

In the given case, the moment Roger knew that he wasn't sure of the information asked for, he immediately rang up his superior to get the exact correct information so as not to disappoint the customer.

This technique relates to responding to every concern by a customer.

5 0
3 years ago
If two individuals are licensed in the same line with two different companies join together to sell a policy, the commission can
NISA [10]
<h3><u>Answer:</u></h3>

The commission can be shared between the two agents.

<h3><u>Explanation:</u></h3>

Many times different companies collaborate with each other to sell a particular policy to maximize their profits. When there are two agents licensed in the same line and when the two companies collaborate to sell a policy then the commission is shared  between the agents.

This is because they will work together for the profits and that when the two companies collaborate they become one to sell the policy. The agents work together and the commission is given to them as a whole. This is a common practice when two companies work together.

4 0
3 years ago
A decision in which a manager needs to determine whether a product line (or segment) should continue or be eliminated is what ki
Marianna [84]

Answer:

Keep-or-drop decision

Explanation:

Keep-or-drop decision is taken when a manager is in a dilemma whether to continue a product line or segment or shut it down. The manager needs to analyse income statement related to the product line to understand the major issue with product line. If costs are more than revenue, then the product line needs to be shut down. If the reasons for incurring losses can be addressed and that revenue from the product line is more, then it is not dropped.

Therefore, manager takes a keep-or-drop decision.

7 0
3 years ago
Compton Company expects the following total sales: Month Sales March $ 37,000 April $ 27,000 May $ 21,000 June $ 32,000 The comp
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Answer:

$11,025

Explanation:

From May sales, Total Credit sales = $21,000*70% = $14,700

Cash Collected in May (for sales) = Total Credit sales * 25%

Cash Collected in May = $14,700*25%

Cash Collected in May = $3,675

Accounts Receivables Balance = Total Credit sales (May) - Cash Collected in May

Accounts Receivables Balance = $14,700 - $3,675

Accounts Receivables Balance = $11,025

So, the budgeted accounts receivable balance on May 31 is $11,025.

5 0
3 years ago
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