On January 5, Daisy Co., which follows a calendar year accounting, issued $1,000,000 ofnotes payable of which $250,000 is due on January 1 each of the next four years. Whatwould be the proper balance sheet presentation on December 31? Show the currentliabilities and long-term liabilities.a. Current Liabilities;b. Long-Term Debt:

Long term debt = Total notes payable - current portion = $1000000 - 250000 = $750,000

Answered: On January 5, Daisy Co., which follows…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
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