The trial balance of mint corp. at december 31, year 6, is presented below and has been adjusted except for income tax expense. other financial data for the year ended december 31, year 6, are as follows: mint uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. all receivables on these contracts are considered to be collectible within 12 months. during year 6, estimated tax payments of $450,000 were charged to prepaid taxes. mint has not recorded income tax expense. there were no temporary or permanent differences, and mint's tax rate is 30%.cash: dr $600,000accounts receivable, net: dr $3,500,000costs in excess of billings on long-term contracts: dr $1,600,000billings in excess of costs on long-term contracts: cr $700,000prepaid taxes: dr $450,000fixed assets, net: dr $1,480,000note payable - noncurrent: cr $1,620,000common stock: cr $750,000additional paid-in capital: cr $2,000,000retained earnings - unappropriated: cr $900,000retained earnings - restricted for note payable: cr $160,000earnings from long-term contracts: cr $6,680,000costs and expenses: dr $5,180,000in mint's december 31, year 6, balance sheet, what amount should be reported as total noncurrent liabilities? a) $2,320,000b) $1,780,000c) $1,620,000d) $2,480,000

The gomez company, a merchandising firm, has budgeted its activity for december according to the following information: • sales at $500,000, all for cash. • merchandise inventory on november 30 was $250,000. • the cash balance at december 1 was $20,000. • selling and administrative expenses are budgeted at $50,000 for december and are paid for in cash. • budgeted depreciation for december is $30,000. • the planned merchandise inventory on december 31 is $260,000. • the cost of goods sold represents 75% of the selling price. • all purchases are paid for in cash. the budgeted cash disbursements for december are:

Instructions: use the following information to construct the 2000 balance sheet and income statement for carolina business machines. round all numbers to the nearest whole dollar. all numbers are in thousands of dollars. be sure to read the whole problem before you jump in and get started. at the end of 1999 the firm had $43,000 in gross fixed assets. in 2000 they purchased an additional $14,000 of fixed asset equipment. accumulated depreciation at the end of 1999 was $21,000. the depreciation expense in 2000 is $4,620. at the end of 2000 the firm had $3,000 in cash and $3,000 in accounts payable. in 2000 the firm extended a total of $9,000 in credit to a number of their customers in the form of accounts receivable. the firm generated $60,000 in sales revenue in 2000. their cost of goods sold was 60 percent of sales. they also incurred salaries and wages expense of $10,000. to date the firm has $1,000 in accrued salaries and wages. they borrowed $10,000 from their local bank to finance the $15,000 in inventory they now have on hand. the firm also has $7,120 invested in marketable securities. the firm currently has $20,000 in long-term debt outstanding and paid $2,000 in interest on their outstanding debt. over the firm's life, shareholders have put up $30,000. eighty percent of the shareholder's funds are in the form of retained earnings. the par value per share of carolina business machines stock is

Suppose that jim plans to borrow money for an education at texas a& m university. jim will need to borrow $25,000 at the end of each year for the next five years (total=$125,000). jim wishes his parents could pay for his education but they can’t. at least, he qualifies for government loans with a reduced interest rate while he is in school. he has a special arrangement with aggiebank to lend him the money at a subsidized rate of 1% over five years without having to make a payment until the end of the fifth year. however, at the end of the fifth year, jim agrees to pay off the loan by borrowing from longhorn bank. longhorn bank will lend him the money he needs at an annual interest rate of 6%. jim agrees to pay back the longhorn bank with 20 annual payments and the payments will be uniform (equal annual payments including principal and interest). (i) calculate how much money jim has to borrow at the end of 5 years to pay off the loan with aggiebank. a. $121,336 b. $127,525 c. $125,000 d. $102,020 e. none of the above