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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 9, Problem 4P
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 26GI
Problem 27GI
Problem 28GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
Problem 18P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 10C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Short-Term Debt Expected to Be Refinanced Several times during 2019, Palmer Company issued short-term commercial paper totaling $7 million. On December 31, 2019, the company’s year-end, Palmer intends to refinance the commercial paper by issuing long-term debt. However, because Palmer had excess cash, $3 million of the liability is liquidated in February 2020 as the commercial paper matures. On March 1, 2020, Palmer issues $9 million of long-term bonds, with $3 million of the proceeds going to replenish the working capital used to liquidate the $3 million of commercial paper, $4 million to pay the remaining balance of the commercial paper due after April, and the remaining $2 million to finance an equipment modernization program at Palmer’s plant. Palmer’s December 31, 2019, year-end financial statements are issued on March 13, 2020.

Required:

Next Level How will the $3 million of commercial paper liquidated prior to the refinancing be classified on Palmer’s December 31, 2019, balance sheet? Explain your reasoning.

Next Level How will the remaining $4 million of commercial paper be classified on Palmer’s December 31, 2019, balance sheet? Explain your reasoning.

1.

To determine

Describe the way in which the commercial paper of $3 million will be reported in the balance sheet as of December 31, 2019, before the liquidation.

Explanation

Current liabilities: The obligations owed by a company to creditors and suppliers and are to be paid within a year are referred to as current liabilities.

Company C has issued some short-term commercial papers for $7 million in total during the year 2019. Company C proposes to refinance the short-term obligation by issuing long-term debt...

2.

To determine

Describe the way in which the commercial paper of $4 million will be reported in the balance sheet as of December 31, 2019.

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Ch-9 P-1GICh-9 P-2GICh-9 P-3GICh-9 P-4GICh-9 P-5GICh-9 P-6GICh-9 P-7GICh-9 P-8GICh-9 P-9GICh-9 P-10GI
Ch-9 P-11GICh-9 P-12GICh-9 P-13GICh-9 P-14GICh-9 P-15GICh-9 P-16GICh-9 P-17GICh-9 P-18GICh-9 P-19GICh-9 P-20GICh-9 P-21GICh-9 P-22GICh-9 P-23GICh-9 P-24GICh-9 P-25GICh-9 P-26GICh-9 P-27GICh-9 P-28GICh-9 P-1MCCh-9 P-2MCCh-9 P-3MCCh-9 P-4MCCh-9 P-5MCCh-9 P-6MCCh-9 P-7MCCh-9 P-8MCCh-9 P-9MCCh-9 P-10MCCh-9 P-1RECh-9 P-2RECh-9 P-3RECh-9 P-4RECh-9 P-5RECh-9 P-6RECh-9 P-7RECh-9 P-8RECh-9 P-9RECh-9 P-10RECh-9 P-11RECh-9 P-1ECh-9 P-2ECh-9 P-3ECh-9 P-4ECh-9 P-5ECh-9 P-6ECh-9 P-7ECh-9 P-8ECh-9 P-9ECh-9 P-10ECh-9 P-11ECh-9 P-12ECh-9 P-13ECh-9 P-14ECh-9 P-15ECh-9 P-16ECh-9 P-17ECh-9 P-18ECh-9 P-19ECh-9 P-20ECh-9 P-21ECh-9 P-22ECh-9 P-1PCh-9 P-2PCh-9 P-3PCh-9 P-4PCh-9 P-5PCh-9 P-6PCh-9 P-7PCh-9 P-8PCh-9 P-9PCh-9 P-10PCh-9 P-11PCh-9 P-12PCh-9 P-13PCh-9 P-14PCh-9 P-15PCh-9 P-16PCh-9 P-17PCh-9 P-18PCh-9 P-1CCh-9 P-2CCh-9 P-3CCh-9 P-4CCh-9 P-5CCh-9 P-6CCh-9 P-7CCh-9 P-8CCh-9 P-10C

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