On December 31, 2020, Sage Company has $6,975,000 of short-term debt in the form of notes...
On December 31, 2020, Sage Company has $6,975,000 of short-term
debt in the form of notes payable to Gotham State Bank due in 2021.
On December 28, 2020, Sage enters into a refinancing agreement with
Gotham that will permit it to borrow up to 67% of the gross amount
of its accounts receivable. Receivables are expected to range
between a low of $5,983,000 in May to a high of $7,983,000 in
October during the year 2021. The interest cost of the maturing
short-term debt is 15%, and the new agreement calls for a
fluctuating interest at 1% above the prime rate on notes due in
2025. Sage’s December 31, 2020, balance sheet is issued on February
15, 2021.
Prepare a partial balance sheet for Sage at December 31, 2020,
showing how its $6,975,000 of short-term debt should be presented.
(Enter account name only and do not provide descriptive
information.)
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SAGE COMPANY |
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select a balance sheet section Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity: |
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enter a balance sheet item |
$enter a dollar amount | ||
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select a balance sheet section Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity: |
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enter a balance sheet item |
enter a dollar amount | ||
Homework Answers
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On December 31, 2020, Sage Company has $6,975,000 of short-term
debt in the form of notes...
Whispering Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par...
Whispering Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 148,200 shares $ 2,964,000 Common Stock, 1,991,000 shares 9,955,000 Paid-in Capital in Excess of Par—Preferred Stock 207,000 Paid-in Capital in Excess of Par—Common Stock 26,478,000 Retained Earnings 4,495,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 29,200 shares of preferred stock issued at $23 per share. Feb....
At December 31, 2020, the available-for-sale debt securities for Storrer, Inc. are as follows. The securities...
At December 31, 2020, the available-for-sale debt securities for
Storrer, Inc. are as follows. The securities are considered to be a
long-term investment.
Security
Cost
Fair Value
A
$17,500
$16,000
B
12,500
14,000
C
23,000
21,000
$53,000
$51,000
Prepare the adjusting entry at December 31, 2020, to report the
securities at fair value. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and...
On January 1, 2020, Crane Corporation had the following stockholders’ equity accounts. Common Stock (no par...
On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts.
Common Stock (no par value, 91,000 shares issued and
outstanding)
$1,385,000
Retained Earnings
546,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
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Announced a 3-for-1 stock split. Prior to the split, the market
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July 1...
Exercise 15-17 Metlock Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. METLOCK...
Exercise 15-17
Metlock Corporation’s post-closing trial balance at December 31,
2020, is shown as follows.
METLOCK CORPORATION
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2020
Dr.
Cr.
Accounts payable
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Accounts receivable
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Bonds payable
319,000
Buildings
1,496,000
Cash
188,000
Common stock ($1 par)
202,000
Dividends payable (preferred stock—cash)
4,300
Inventory
609,000
Land
380,000
Preferred stock ($50 par)
450,000
Prepaid...
The stockholders’ equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock...
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Cheyenne Corp. has issued 91,000 shares of $5 par value common stock. It was authorized 499,000...
Cheyenne Corp. has issued 91,000 shares of $5 par value common
stock. It was authorized 499,000 shares. The paid-in capital in
excess of par value on the common stock is $264,000. The
corporation has reacquired 6,700 shares at a cost of $55,000 and is
currently holding those shares. It also had accumulated other
comprehensive income of $67,000.
The corporation also has 1,700 shares issued and outstanding of 8%,
$104 par value preferred stock. It was authorized 10,900 shares.
The paid-in...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000 shares authorized, 655,000 shares issued and outstanding) $655,000 Paid-in Capital in Excess of Par Value 1,590,000 Retained Earnings 683,000 Accumulated Other Comprehensive Income 60,000 During 2022, the following transactions and events occurred. 1. Issued 55,000 shares of $1 par value common stock for $2 per share. 2. Issued 59,500 shares of common stock for cash at $6 per share. 3. Purchased 21,100 shares of...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000 shares authorized, 655,000 shares issued and outstanding) $655,000 Paid-in Capital in Excess of Par Value 1,590,000 Retained Earnings 683,000 Accumulated Other Comprehensive Income 60,000 During 2022, the following transactions and events occurred. 1. Issued 55,000 shares of $1 par value common stock for $2 per share. 2. Issued 59,500 shares of common stock for cash at $6 per share. 3. Purchased 21,100 shares of...
Cullumber Company has provided information on intangible assets as follows. A patent was purchased from Marin...
Cullumber Company has provided information on intangible assets
as follows.
A patent was purchased from Marin Company for $1,800,000 on January
1, 2019. Cullumber estimated the remaining useful life of the
patent to be 10 years. The patent was carried in Marin’s accounting
records at a net book value of $1,800,000 when Marin sold it to
Cullumber.
During 2020, a franchise was purchased from Bramble Company for
$510,000. In addition, 5% of revenue from the franchise must be
paid to...
Grouper Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par...
Grouper Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par value, 18,700 shares issued $93,500 Paid-in capital in excess of par—common stock 301,000 Retained earnings 323,000 Total stockholders’ equity $717,500 During 2020, the following transactions occurred. Feb. 1 Grouper repurchased 1,830 shares of treasury stock at a price of $19 per share. Mar. 1 740 shares of treasury stock repurchased above were reissued at $17 per share. Mar. 18 490 shares of treasury stock...
At December 31, 2020, the available-for-sale debt securities for
Storrer, Inc. are as follows. The securities are considered to be a
long-term investment.
Security
Cost
Fair Value
A
$17,500
$16,000
B
12,500
14,000
C
23,000
21,000
$53,000
$51,000
Prepare the adjusting entry at December 31, 2020, to report the
securities at fair value. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and...
On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts.
Common Stock (no par value, 91,000 shares issued and
outstanding)
$1,385,000
Retained Earnings
546,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 3-for-1 stock split. Prior to the split, the market
price per share was $37.
July 1...
Exercise 15-17
Metlock Corporation’s post-closing trial balance at December 31,
2020, is shown as follows.
METLOCK CORPORATION
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2020
Dr.
Cr.
Accounts payable
$ 307,700
Accounts receivable
$ 492,000
Accumulated depreciation—buildings
189,000
Additional paid-in capital in excess
of par—common
1,386,000
From treasury stock
161,000
Allowance for doubtful accounts
29,000
Bonds payable
319,000
Buildings
1,496,000
Cash
188,000
Common stock ($1 par)
202,000
Dividends payable (preferred stock—cash)
4,300
Inventory
609,000
Land
380,000
Preferred stock ($50 par)
450,000
Prepaid...
Cheyenne Corp. has issued 91,000 shares of $5 par value common
stock. It was authorized 499,000 shares. The paid-in capital in
excess of par value on the common stock is $264,000. The
corporation has reacquired 6,700 shares at a cost of $55,000 and is
currently holding those shares. It also had accumulated other
comprehensive income of $67,000.
The corporation also has 1,700 shares issued and outstanding of 8%,
$104 par value preferred stock. It was authorized 10,900 shares.
The paid-in...
Cullumber Company has provided information on intangible assets
as follows.
A patent was purchased from Marin Company for $1,800,000 on January
1, 2019. Cullumber estimated the remaining useful life of the
patent to be 10 years. The patent was carried in Marin’s accounting
records at a net book value of $1,800,000 when Marin sold it to
Cullumber.
During 2020, a franchise was purchased from Bramble Company for
$510,000. In addition, 5% of revenue from the franchise must be
paid to...
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