ACC 221 Case 4-15

ACC 221 Case 4-15 - equal installments of $60,000 first...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Case 4-15 Rachel Keenan 1. Rise Corporations traded common stock valued at $260,000 on an organized stock exchange. 2. Rise Corporations have two investments consisting of both short and long term. The short term investment is valued at $57,000 and the long term investment will not be sold until 2011 3. Rise Corporation had and Extraordinary loss due to damage from an earthquake the total loss before taxes was $129,000 recorded on the Income Statement as a Miscellaneous Expense. 4. Rise Corporation Notes payable consisted of both current and noncurrent note. The current note payable had a face value of $80,000 dated for September 30, 2009 with a 10% interest due September 30, 2010. The Long term Note payable face value is $120,000 dated April 30, 2009 payment is due in two
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: equal installments of $60,000 first payment is due April 30, 2010 the second payment is due April 30, 2011. Plus interest on the unpaid balance. Interest on both loans have been accrued and is included in accrued liabilities on the balance sheet. The current liabilities Portion is $80,000. The long term Liabilities is $120,000 Notes payable make up for $200,000 of the Selling and Administrative balance $385,000. And $20,000 of Accrued Liabilities is Interest from both Notes Payable. 5. Rise Corporation had a $90,000 charge due from the company restricting some of its operations. The amount was charged to Materials, however, was added to Selling and Administrative Expense. $90,000 of Selling and Administrative balance represents Materials....
View Full Document

This note was uploaded on 02/11/2009 for the course ACC 22334 taught by Professor Clark during the Spring '09 term at VCCS.

Ask a homework question - tutors are online