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Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
النسخة 17الرقم المعياري الدولي: 978-0078025778Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
النسخة 17الرقم المعياري الدولي: 978-0078025778 تمرين 7
Reporting Liabilities in a Balance Sheet
The following items were taken from the accounting records of Nevada Utility Company for the year ended December 31, 2015 (dollar amounts are in thousands):
Other Information
1. The 10 percent bonds due in April 2016 will be refinanced in March 2016 through the issuance of $125,000 in 9 percent, 20-year bonds payable.
2. The 8 percent bonds due October 1, 2016, will be repaid entirely from a bond sinking fund.
3. Nevada Utility is committed to total lease payments of $11,000 in 2016. Of this amount, $6,000 is applicable to operating leases, and $5,000 to capital leases. Payments on capital leases will be applied as follows: $2,000 to interest expense and $3,000 to reduction in the capitalized lease payment obligation.
4. Nevada Utility's pension plan is fully funded with an independent trustee.
5. The obligation for postretirement benefits other than pensions consists of a commitment to maintain health insurance for retired workers. During 2016, Nevada Utility will fund $16,000 of this obligation.
6. The $8,000 in income taxes payable relates to income taxes levied in 2015 and must be paid on or before March 15, 2016. No portion of the deferred tax liability is regarded as a current liability.
Instructions
a. Using this information, prepare the current liabilities and long-term liabilities sections of Nevada Utility Company's classified balance sheet as of December 31, 2015. (Within each classification, items may be listed in any order.)
b. Explain briefly how the information in each of the six numbered paragraphs affected your presentation of the company's liabilities.
c. Compute as of December 31, 2015, the company's ( 1 ) debt ratio and ( 2 ) interest coverage ratio.
d. Solely on the basis of information stated in this problem, indicate whether this company
appears to be an outstanding, medium, or poor long-term credit risk. State specific reasons for your conclusion.
The following items were taken from the accounting records of Nevada Utility Company for the year ended December 31, 2015 (dollar amounts are in thousands):
Other Information
1. The 10 percent bonds due in April 2016 will be refinanced in March 2016 through the issuance of $125,000 in 9 percent, 20-year bonds payable.
2. The 8 percent bonds due October 1, 2016, will be repaid entirely from a bond sinking fund.
3. Nevada Utility is committed to total lease payments of $11,000 in 2016. Of this amount, $6,000 is applicable to operating leases, and $5,000 to capital leases. Payments on capital leases will be applied as follows: $2,000 to interest expense and $3,000 to reduction in the capitalized lease payment obligation.
4. Nevada Utility's pension plan is fully funded with an independent trustee.
5. The obligation for postretirement benefits other than pensions consists of a commitment to maintain health insurance for retired workers. During 2016, Nevada Utility will fund $16,000 of this obligation.
6. The $8,000 in income taxes payable relates to income taxes levied in 2015 and must be paid on or before March 15, 2016. No portion of the deferred tax liability is regarded as a current liability.
Instructions
a. Using this information, prepare the current liabilities and long-term liabilities sections of Nevada Utility Company's classified balance sheet as of December 31, 2015. (Within each classification, items may be listed in any order.)
b. Explain briefly how the information in each of the six numbered paragraphs affected your presentation of the company's liabilities.
c. Compute as of December 31, 2015, the company's ( 1 ) debt ratio and ( 2 ) interest coverage ratio.
d. Solely on the basis of information stated in this problem, indicate whether this company
appears to be an outstanding, medium, or poor long-term credit risk. State specific reasons for your conclusion.
التوضيح
موثّق
موثّق
(a)
Prepare a table showing current lia...
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
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