Cure anty The Themen he D CP mer On May 1, 2020. Christina Fashions borrowed 594,000 at a bank by signing a four year, ofan. The terms of the lo require equal principal payments of $23,500 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year end statement of financial position. Immediately prior to the reclassification of long-term debt follows: Current assets $129,600 Current Habilities $48.000 Non-current assets 161.400 Loan payable 94,000 Common shares 71.000 Retained earnings 78,000 Total liabilities and shareholders equity Total assets $291.000 5291.000 Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan? (Round answer to 1 decimal place. es. 1.2) 27 Current ratio Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan? (Round answer to 1 decimal place, s 12.) Current ratio 27 Christina Fashions does not meet the bank's minimum current ratio e Textbook and Media List of Accounts Prepare journal entries to record the interest payable on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts: Prepare journal entries to record the interest payable on December 31, 2020. (Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account title and enter for the amounts) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare the journal entries to reclassify the portion of the long-term loan as current. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account title and enter for the amounts.) Credit Debit Wynlanation Prepare the journal entries to reclassify the portion of the long-term loan as current Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, elect "No entry for the account title and entero the amounts Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Does Christina Fashions breach the bank's current ratio requirement after preparing the journal entries above? (Round answer to 2 decimal places, es 1.25) Debit Credit e Textbook and Media List of Accounts Does Christina Fashions breach the bank's current ratio requirement after preparing the journal entries above? (Round onwer to 2 decimal places, e.g. 1.25.) Current ratio the bank's minimum current ratio. Christina Fashions On May 1 2030.Chistrahom bord M.000 statunk bygger war, dan Thermother principements of 23.500 orandres lyon Apr 30. There are como manam currento 20 The December 12 year end statement at tanda posisirmediately prette rediction 512900 Current 56:00 72.000 $20.000 de $29.000 Does within Fashion.com win the band's carreteres to recording the conventures rediction of the current portion of the long termo Round co. 123 Christian the bank Textbook and Media List of Accounts Preparoulertries to record the real on December 31, 2000.Condicionally identitet Account Titles and Explanation Debat Credit Testbook and Media List of Accounts Protejul rische portion of the formats.com etwas under for Account Titles and Explanation Debir Crede eTextbook and Media List of Accounts Does to the bankerhejubovou decimal 25 Current Christina their Lyrtricks Ltd. which has a December 31 year end had the following transactions in December 2020 and January 2021: 2020 Dec. 1 Dec, 31 The company borrowed $ 135,000 from a bank on a five-year loan payable. The terms of the loan stipulate that Lyrtricks must repay 1/5 of the principal every November 30 plus the interest accrued to that date. The loan bears interest at 10% per annum Recorded employee wages for December. The wages earned by employees amounted to $ 9,600, and the company withheld CPP of $ 553, El of $ 467, and income taxes of $ 2.300. Lyrtricks'employer contributions were $ 553 for CPP and $ 654 for El Recorded the adjusting entry to record the interest incurred on the bank loan during December Dec. 31 Dec. 31 Recorded the entry to reclassify the current portion of the bank loan 2021 Jan. 2 Paid the wages recorded on December 31. Jan. 15 Made the remittance to the government related to the December 31 payroll Prepare all necessary Journal entries related to the above transactions. (Enter debit entries first followed by Credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account for the amount Prepare all necessary journal entries related to the above transactions. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account tities and enter for the amounts.) Debit Credit Date Account and explanation 2020 Dec. 1 Dec. 31 (To record wages payable.) (To record employer's liabilities.) IL TUOI Dec. 31 (To record interest.) (To record reciassification of current portion of bank loan.) (To record interest.) II (To record reclassification of current portion of bank loan.) 2021 Jan. 2 Jan. 15 Cure anty The Themen he D CP mer On May 1, 2020. Christina Fashions borrowed 594,000 at a bank by signing a four year, ofan. The terms of the lo require equal principal payments of $23,500 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year end statement of financial position. Immediately prior to the reclassification of long-term debt follows: Current assets $129,600 Current Habilities $48.000 Non-current assets 161.400 Loan payable 94,000 Common shares 71.000 Retained earnings 78,000 Total liabilities and shareholders equity Total assets $291.000 5291.000 Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan? (Round answer to 1 decimal place. es. 1.2) 27 Current ratio Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan? (Round answer to 1 decimal place, s 12.) Current ratio 27 Christina Fashions does not meet the bank's minimum current ratio e Textbook and Media List of Accounts Prepare journal entries to record the interest payable on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts: Prepare journal entries to record the interest payable on December 31, 2020. (Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account title and enter for the amounts) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare the journal entries to reclassify the portion of the long-term loan as current. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account title and enter for the amounts.) Credit Debit Wynlanation Prepare the journal entries to reclassify the portion of the long-term loan as current Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, elect "No entry for the account title and entero the amounts Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Does Christina Fashions breach the bank's current ratio requirement after preparing the journal entries above? (Round answer to 2 decimal places, es 1.25) Debit Credit e Textbook and Media List of Accounts Does Christina Fashions breach the bank's current ratio requirement after preparing the journal entries above? (Round onwer to 2 decimal places, e.g. 1.25.) Current ratio the bank's minimum current ratio. Christina Fashions On May 1 2030.Chistrahom bord M.000 statunk bygger war, dan Thermother principements of 23.500 orandres lyon Apr 30. There are como manam currento 20 The December 12 year end statement at tanda posisirmediately prette rediction 512900 Current 56:00 72.000 $20.000 de $29.000 Does within Fashion.com win the band's carreteres to recording the conventures rediction of the current portion of the long termo Round co. 123 Christian the bank Textbook and Media List of Accounts Preparoulertries to record the real on December 31, 2000.Condicionally identitet Account Titles and Explanation Debat Credit Testbook and Media List of Accounts Protejul rische portion of the formats.com etwas under for Account Titles and Explanation Debir Crede eTextbook and Media List of Accounts Does to the bankerhejubovou decimal 25 Current Christina their Lyrtricks Ltd. which has a December 31 year end had the following transactions in December 2020 and January 2021: 2020 Dec. 1 Dec, 31 The company borrowed $ 135,000 from a bank on a five-year loan payable. The terms of the loan stipulate that Lyrtricks must repay 1/5 of the principal every November 30 plus the interest accrued to that date. The loan bears interest at 10% per annum Recorded employee wages for December. The wages earned by employees amounted to $ 9,600, and the company withheld CPP of $ 553, El of $ 467, and income taxes of $ 2.300. Lyrtricks'employer contributions were $ 553 for CPP and $ 654 for El Recorded the adjusting entry to record the interest incurred on the bank loan during December Dec. 31 Dec. 31 Recorded the entry to reclassify the current portion of the bank loan 2021 Jan. 2 Paid the wages recorded on December 31. Jan. 15 Made the remittance to the government related to the December 31 payroll Prepare all necessary Journal entries related to the above transactions. (Enter debit entries first followed by Credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account for the amount Prepare all necessary journal entries related to the above transactions. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account tities and enter for the amounts.) Debit Credit Date Account and explanation 2020 Dec. 1 Dec. 31 (To record wages payable.) (To record employer's liabilities.) IL TUOI Dec. 31 (To record interest.) (To record reciassification of current portion of bank loan.) (To record interest.) II (To record reclassification of current portion of bank loan.) 2021 Jan. 2 Jan. 15