Included in Zollar Corporation's liability account balances at December 31 . 2014, were the following: 14 percent note payable issued October 1 . 2014, maturing September 30, 2015 ............. $250,000 16 percent note payable issued April 1 . 2013 . payable in six annual installments of $100,000 beginning April 1 . 2013 ................. 400,000 Zollar's December 31 . 2014, financial statements
were issued on March 31 . 2015 . On January 15, 2015, the entire $400,000 balance of the 1 . percent note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2015, Zollar consummated a noncancelable agreement with the lender to refinance the 1 . percent, $250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement's provisions. On the December 31 . 2014, balance sheet, the amount of the notes payable that Zollar should classify as noncurrent obligations is
a. $100,000.
b. $250,000.
c. $350,000.
d. $650,000.
D
You might also like to view...
Peter, a customer-care executive of Homefort Inc., an electronics company, adopts the problem-solving process to find a solution to a complaint he received from a customer regarding a nonfunctioning microwave. After identifying the problem, what should Peter do next?
A. Identify the alternatives. B. Compile and analyze the data. C. Evaluate the alternatives. D. Make a decision and then reflect on it.
After the parade's end, they clean the streets until the next morning
What will be an ideal response?
Which of the following is important for U.S. business people to remember when conducting international negotiations?
a. Other cultures tend to place less emphasis on nonverbal behavior than do those from the U.S. b. Those from Central American and Middle Eastern countries view the use of time more rigidly than do those from the U.S. c. Negotiators from the U.S. are typically seen as passive. d. Laws and ethics as well as customs vary considerably among countries.
Use the information in Table 4.1. How many Mark I machines are required to produce Union Manufacturing's for the year's production?
A) fewer than 4 machines B) more than 4 but fewer than or equal to 6 machines C) more than 6 but fewer than or equal to 8 machines D) more than 8 machines