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I'd appreciate it a lot if you're able to show your work for each one please. Thank so much! value: 10.00 points Paul Sabin organized
I'd appreciate it a lot if you're able to show your work for each one please. Thank so much!
value: 10.00 points Paul Sabin organized Sabin Electronics 10 years ago to produce and sell several electronic devices on which he had secured patents. Although the company has been fairly profitable, it is now experiencing a severe cash shortage. For this reason, it is requesting a $660,000 long-term loan from Gulfport State Bank, $180,000 of which will be used to bolster the Cash account and $480,000 of which will be used to modernize equipment. The company's financial statements for the two most recent years follow: Sabin Electronics Comparative Balance Sheet This Year Last Year Assets Current assets: Cash Marketable securities Accounts receivable, net S 128,000 310,000 13,000 460,000 755,000 38,000 685,000 1,105,000 34,000 Prepaid expenses Total current assets Plant and equipment, net 1,952,000 2,061,000 1,576,000 1,450,000 Total assets S4,013,000 S 3,026,000 Liabilities and Stockholders Equity Liabilities: Current liabilities Bonds payable, 12% 880,000 S 460,000 750,000 750,000 Total liabilities 1,630,000 1,210,000 Stockholders' equity: Common stock, $20 par Retained eamings 850,000 1,533,000 850,000 966,000 1,816,000 $4,013,000 3,026,000 Total stockholders' equity 2,383,000 Total liabilities and equityStep by Step Solution
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