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Madison Makeup has borrowed 4 times in its history. The following table provides data on the loans. Fill in the highlighted cells. Loan Amount originally
| Madison Makeup has borrowed 4 times in its history. The following table provides data on the loans. Fill in the highlighted cells. | |||||
| Loan | Amount originally borrowed | Time loan was made | Information on principal repayment | ||
| Loan A | $363,000 | 2 years ago | All principal is due in 80 days from today | ||
| Loan B | $207,000 | Yesterday | All principal is due in 180 days from today | ||
| Loan C | $803,000 | 3 years ago | $301,000 is due in 60 days from today $185,000 is due in 2 years from today Remainder is due in 4 years from today | ||
| Loan D | $511,000 | 3 years ago | $206,000 was repaid 2 years ago Remainder was repaid yesterday | ||
| Loan E | $89,000 | Yesterday | All principal is due in 8 years from today | ||
| Loan F | $127,000 | 2 months ago | All principal is due in 9 months from today | ||
| What should Madison Makeup report as short-term debt on the balance sheet as of today? | ?? | ||||
| What should Madison Makeup report as current portion of long-term debt on the balance sheet as of today? | ?? | ||||
| What should Madison Makeup report as long-term debt in long-term liabilities on the balance sheet as of today? | ?? | ||||
| Fill in the highlighted cell. | |||||
| Madison Makeups just issued 1 million shares for $10 per share. Which of the following is the most likely set of changes this transaction would have made to the firm's shareholders equity? Type the letter of the correct option in the box (A, B, C, D, or E). | ? | ||||
| A. par value increased by $0 and paid-in capital increased by $10,000,000 | |||||
| B. par value increased by $10,000 and paid-in capital increased by $9,990,000 | |||||
| C. par value increased by $5,000,000 and paid-in capital increased by $5,000,000 | |||||
| D. par value increased by $9,990,000 and paid-in capital increased by $10,000 | |||||
| E. par value increased by $10,000,000 and paid-in capital increased by $0 | |||||
| Madison Makeup just repurchased shares as described in the table. The firm reported $0 for Treasury stock just before the transaction. Fill in the highlighted cell. | |||||
| Number of shares repurchased | Price per repurchased share | ||||
| 1,000,000 | $8.00 | ||||
| What did the firm most likely report for Treasury stock immediately after the stock repurchase? | ? | ||||
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Financial Accounting The Impact On Decision Makers An Alternative To Debits And Credits
Authors: Gary A. Porter, Curtis L. Norton
4th Edition
0324272669, 978-0324272666
