1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
natita [175]
3 years ago
15

On December 31, 2020, McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2021. On J

anuary 21, 2021, the company issued 25,000 shares of its common stock for $38 per share, receiving $950,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $250,000 cash, are used to liquidate the $1,200,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021. Show how the $1,200,000 of short-term debt should be presented on the December 31, 2017, balance sheet.
Business
1 answer:
icang [17]3 years ago
4 0

Answer:

Current Liabilities:Notes Payable 250,000

Long-term Debt:Notes Payable 950,000

Explanation:

Calculation to Show how the $1,200,000 of short-term debt should be presented on the December 31, 2017, balance sheet.

Hattie McDaniel Company

Partial Balance Sheet

December 31, 2017

CURRENT LIABILITIES

Notes Payable 250,000

($1,200,000-$950,000)

LONG-TERM DEBT

Notes Payable 950,000

Therefore how the $1,200,000 of short-term debt should be presented on the December 31, 2017, balance sheet is:

Current Liabilities:Notes Payable 250,000

Long-term Debt:Notes Payable 950,000

You might be interested in
Suppose the quantity demanded of a particular good increases by 30%, and (the absolute value of) the price elasticity of demand
viktelen [127]

Answer: Option (c) is correct.

Explanation:

Given that,

Quantity demanded increases by = 30%

Price elasticity of demand = 2

Therefore,

Price elasticity of demand = \frac{Percentage\ change\ in\ quantity\ demanded}{Percentage\ change\ in\ prices}

2 = \frac{30}{Percentage\ change\ in\ prices}

Percentage change in prices = \frac{30}{2}

                                                = 15%

Therefore, price of a particular good decreases by 15%.

8 0
3 years ago
A company is usually unable to take advantage of economies of scale during the __________ stage of the product life cycle.
AfilCa [17]

The Correct Answer Is C.

Growth

5 0
3 years ago
Read 2 more answers
Steak Company acquired a building valued at $170,000 for property tax purposes in exchange for 10,000 shares of its $5 par commo
Yuliya22 [10]

Answer:

$160,000

Explanation:

Data provided in the question:

Value of the building acquired = $170,000

Number of shares exchanged = 10,000

Selling price of the stocks = $16 per share

Now,

The amount for which the building will be recorded by Steak Company is the market value of the shares that has been exchanges to acquire the building.

Therefore,

The amount for which the building will be recorded by Steak Company

= Number of shares exchanged × Selling price of the stocks

= 10,000 × $16

= $160,000

3 0
3 years ago
If no fixed duration of the partnership is specified, the partnership is a partnership in perpetuity, which means that the partn
arsen [322]

The answer is b. false.

In the absence of a partnership agreement on fixed duration, the Partnership Act 1890 may apply.

<span>Under the Act, a partnership will be automatically dissolved  if: a partner dies</span>

<span>·         </span>a partner becomes bankrupt;

<span>·         </span>the court orders it to be dissolved;

<span>·         </span>it's illegal to carry on the business of the partnership;

<span>·         </span><span>the partnership was created meet a goal and this  specific objective or the project is complete; or</span>

<span>a partner gives notice to dissolve the partnership to the other partners. The </span>
7 0
3 years ago
While similar in some respects, the key difference between panel data and pooled cross-sectional data is that panel data consist
elixir [45]

Answer:Yes

Explanation:

Pooled data occur when there is a time series of different cross sections with each observations not necessarily from the same unit while Panel data is sample from the same units. The main difference between them is the "units". The units can be countries, households, schools or other things we are collating data on.

In pooled cross section, random samples from different time periods and from different units are taken e.g. we can take data on number of females and males in schools A, B and C in 2020 and schools X, Y and Z in 2023.

In pure panel data, we are using the same units e.g we can take data on genders in schools A, B and C in 2020 and collect data from the same schools in 2023. Therefore the main difference is just the units we observe.

5 0
2 years ago
Other questions:
  • Consider the following information.
    6·1 answer
  • Kate recently invested in real estate with the intention of selling the property one year from today. she has modeled the return
    5·1 answer
  • Whichh of the following is a first level managerial duty
    5·1 answer
  • Sip corp uses no debt. the weighted average cost of capital is 8 percent. if the current market value of the equity is 18 millio
    14·1 answer
  • Cutting costs is the best way to maximize profitability. <br> a. True <br> b. False
    12·1 answer
  • Maria, who works in the design department, wants her online presence to signal that she is a business professional. Which profil
    12·1 answer
  • When an offeree changes the terms of an offer, it is called a counteroffer. What happens
    8·1 answer
  • You’ve received your raise pool for the year and it’s not as big as you had hoped. You fear that you won’t be able to provide th
    9·1 answer
  • g if 1 British pound can be exchanged for 180 cents of U.S. currency, what fraction should be used to compute the indirect quota
    13·1 answer
  • Name a product or a company that you are familiar with. Discuss how environmental forces (social, economic, technological, compe
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!