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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Research and Analysis Using the Annual 10-K

Obtain Marriott’s 2016 10-K through the “Investor Relations” portion of Marriott’s website, (do a web search for Marriott investor relations). Once at the Investor Relations part of the website look for “SEC Filings.” When you see the list of all the filings, either filter for the “Annual Filings” or search for “10-K” when you find the list of all SEC Filings.

Another option is to go to www.sec.gov and click “Company Filings Search" under “Filings.”

Required:

3. Look at Marriott’s long-term debt footnote and answer the following questions:

  1. When does the debt with the highest effective interest rate mature?
  2. How much of the debt is maturing in each of the next 5 years (2017-2021)? How much is maturing in more than 5 years (2022 and beyond)?
  3. Marriott has a multicurrency revolving credit agreement. How much can it borrow under that agreement? How is the interest rate determined? When does this agreement expire?

To determine

(a)

Introduction:

Liabilities are the items that the company owes to outsiders. All the liability accounts have credit (ending) balance and are shown on the left side of the balance sheet under the head ‘Liabilities’. These are also referred to as debt of the company.

The maturity date of debt with highest effective rate of interest for Company M.

Explanation

Effective interest rate is the used to derive the amount of interest that is paid on borrowings or received on investments. It considers the compounding during the year...

To determine

(b)

Introduction:

Liabilities are the items that the company owes to outsiders. All the liability accounts have credit (ending) balance and are shown on the left side of the balance sheet under the head ‘Liabilities’ These are also referred to as debt of the company.

To calculate:

The debt amount with maturity in next 5 years, i.e., 2017-2022 and beyond 2022.

To determine

(c)

Introduction:

Liabilities are the items that the company owes to outsiders. All the liability accounts have credit (ending) balance and are shown on the left side of the balance sheet under the head ‘Liabilities’ These are also referred to as debt of the company.

To calculate:

The credit allowed, expiry date and interest rate of multicurrency credit agreement.

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