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  • Short Term Debt Expected To Be Refinanced While Examining The 2016

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    While examining Warder Corporation's 2016 financial statements, the company excluded some short-term debt from its current liabilities on the balance sheet dated December 31, 2016. This included a note paid off on February 19, 2016 that was refinanced on February 26, 2016, a note due two months after the balance sheet date that Warder entered a refinancing agreement for four weeks after the balance sheet date, and notes payable of Warder's subsidiary that were payable on demand to shareholders.

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    While examining Warder Corporation's 2016 financial statements, the company excluded some short-term debt from its current liabilities on the balance sheet dated December 31, 2016. This included a note paid off on February 19, 2016 that was refinanced on February 26, 2016, a note due two months after the balance sheet date that Warder entered a refinancing agreement for four weeks after the balance sheet date, and notes payable of Warder's subsidiary that were payable on demand to shareholders.

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    6 views1 page

    Short Term Debt Expected To Be Refinanced While Examining The 2016

    Uploaded by

    Freelance Worker
    While examining Warder Corporation's 2016 financial statements, the company excluded some short-term debt from its current liabilities on the balance sheet dated December 31, 2016. This included a note paid off on February 19, 2016 that was refinanced on February 26, 2016, a note due two months after the balance sheet date that Warder entered a refinancing agreement for four weeks after the balance sheet date, and notes payable of Warder's subsidiary that were payable on demand to shareholders.

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    © All Rights Reserved
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    Short Term Debt Expected to Be Refinanced While

    examining the 2016 #2485


    Short-Term Debt Expected to Be Refinanced While examining the 2016 financial statements of
    Warder Corporation, you found evidence that the following were not included in its current
    liabilities on the December 31, 2016, balance sheet:1. A note payable due and paid by Warder
    on February 19, 2016. Warder obtained long-term financing equal to this amount paid on
    February 26,2016.2. Note payable due 2 months after the balance sheet date, with refinancing
    agreement entered into 4 weeks after the balance sheet date.3. Notes payable of Warder's
    completely owned subsidiary due its shareholders and payable upon demand.4. Deposits from
    customers on equipment ordered by them from Warder.Required:Discuss the assumptions
    needed for Warder to correctly exclude the previously mentioned items from the December 31,
    2016, current liabilities. The balance sheet was issued on March 3,2017.View Solution:
    Short Term Debt Expected to Be Refinanced While examining the 2016

    ANSWER
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