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Prepare a partial balance sheet for Whispering at December

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Question - On December 31, 2020, Whispering Company has $6,996,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On December 28, 2020, Whispering enters into a refinancing agreement with Gotham that will permit it to borrow up to 61% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,995,000 in May to a high of $7,992,000 in October during the year 2021. The interest cost of the maturing short-term debt is 15%, and the new agreement calls for a fluctuating interest at 1% above the prime rate on notes due in 2025. Whispering's December 31, 2020, balance sheet is issued on February 15, 2021.

Required - Prepare a partial balance sheet for Whispering at December 31, 2020, showing how its $6,996,000 of short-term debt should be presented.

Reference no: EM132637864

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