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At December 31, 2013, Newman Engineering's liabilities include the following:
1. $10 million of 9% bonds were issued for $10 million on May 31, 1994. The bonds mature on May 31, 2024, but bondholders have the option of calling (demanding payment on) the bonds on May 31, 2014. 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, 2017. A debt covenant requires Newman to maintain current assets at least equal to 175% of its current liabilities. On December 31, 2013, Newman is in violation of this covenant. Newman obtained a waiver from National City Bank until June 2014, 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 2014.3. $7 million of 11% bonds were issued for $7 million on August 31, 1984. The bonds mature on July 31, 2014. 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 noncurrent liability)? Explain.
Define an agency relationship.
1.a large profitable corporation is considering adding some automated equipment costing 120000. the equipment will
an insurance firm writes policies covering cruise vacation. the probability that someone will file a claim on their
Trained as a mining engineer, David has developed considerable expertise in the treatment and disposition of waste material. He also is well versed in the federal and state requirements for land reclamation projects
a company paid its rent for two years in advance on september 1 debiting prepaid rent for the full amount. if no
Some commentators have criticized the use of equity accounting on the basis that it can be used as a form of off balance sheet financing. Explain the reasoning behind the use of equity accounting and discus the comments.
Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2010. He asks you if they can make a new S election now, in November 2011. Draft a memo for the file outlining what you told Caleb.
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
Describe the purpose of each financial statement. Determine which one (1) is the most effective in communicating the financial health of an organization.
Explain your answer with legal arguments.
You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.
Terms called for a down payment of $500,000 with the balance in two equal annual installments payable on December 15, 2012, and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end. In 2012, Rigsby would recognize realized..
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