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At December 31, 2011 Newman Engineering's Liabilities include the following: 1. $10 million of 9% bonds were issued for $10million on May 31, 1988. The bonds marture on May 31, 2022, but bondholders have the option of calling (demanding payment on) the bonds on May 31, 2012. However the option to call is not expected to be exercised, given prevailing market conditions. 2. $14 million of 8% notes are due on May 31, 2015. A debt covenant requires Newman to maintain current assets at least equal to 175% of its current liabilities. On December 31, 2011, Newman is in violation of this covenant. Newman obtained a waiver from National City Bank until June 2012, having convinced the bank that the company's normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the first half of 2012. 3. $7 million of 11% bonds were issued for $7 million on Augues 31, 1978. The bonds mature on July 31, 2012. Sufficient cash is expected to be available to retire the bonds at maturity. Required: What portion of the debt can be excluded from classification as a current liability (that is reported as a non current liability)? Explain.
the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
Create the schedule of expected collections from customers for match. Prepare a schedle of expected payments for direct materialsfor match.
Which of the following should be reported as a change in accounting estimate?
the accounting profession follows a set of guidelines for measurement and disclosure of financial information called
The City of Martinville had the following pre-closing account balances in its General Fund as of June 30, 2012. Debits and credits are not separated; each account had its "normal" balance.
Computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. The corporation's current earnings and profits for 2010 would be:
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is :
during 2013 its first year of operations hollis industries recorded sales of 10600000 and experienced returns of
overhead applied to jobs during the period was 270000. actual overhead costs incurred were 268000. budgeted overhead
on janurary 1 2010 bukner steel co. issued a 300000 3 year 6 installment note payable with payments of 100000 principle
Several laws, post recently Sarbanes-Oxley, have provided provisions requiring high ranking officials to certify that they have acted ethically in corporate governance and financial reporting. How effective are such laws in protecting the public? ..
describe how the property plant and equipment of qualcomm inc.company is presented on the balance sheet in this
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