Break question – Chapter 13, lecture #1
Wilk Company. reported the subsequent liabilities at December thirty-one of the current year:
Accounts Payable – trade 750, 000
Initial borrowings 500, 000
Bank loan, current portion $100, 0003, 500, 1000
Other bank loan1, 000, 000
Your bank loan of $3, 500, 000 was at violation of the loan agreement. The lender had not waived the privileges for the loan. Half the other mortgage will older on 06 30 next year, and the other half in the year following. Interest on the other bank loan can be not included inside the above characters. Interest of $75, 500 was paid out on 06 30 with the prior yr along with an sequel on the financial loan principal, and interest of $50, 000 will be paid out with the next installment upon June 30 next year. What amount ought to Wilk report as current liabilities at December thirty-one this year?
a. $1, two hundred and fifty, 000
w. $4, 650, 000
c. $5, a hundred seventy five, 000
d. $5, 700, 000
The A/P and short-term borrowings are current, and because the $3. 5M bank loan is violation of your loan dotacion (and the creditor have not waived his rights), the full $3. 5M is due and a current the liability.
Of the $1 M loan from the bank, interest which includes accrued between June 35 last year and December 31 also needs to be shown as a current responsibility, along with the $500, 000 principal payment (1/2 the $1 million).
The total fascination is $50, 000, nevertheless only ½ of that provides accrued between July one of the current yr and 12 , 31, so another $25, 000 ought to be included as a current liability as of Dec 31. The eye rate is definitely 5% (but that wasn't part of the required).
750, 000 + 4 hundred, 000 & 3, 500, 000 & 500, 000 + 25, 000 sama dengan $5, 175, 000 (C)
Break problem – Section 13, address #2
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