Conrad,Inc

question 97

Multiple Choice

Conrad,Inc.has $2,000,000 of notes payable due June 15,2015.At the financial statement date of December 31,2014,Conrad signed an agreement to borrow up to $2,000,000 to refinance the notes payable on a long-term basis.The financing agreement called for borrowings not to exceed 80 percent of the value of the collateral Conrad was providing.At the date of issue of the December 31,2014,financial statements,the value of the collateral was $2,400,000 and was not expected to fall below this amount during 2015.In its December 31,2014,balance sheet,Conrad should classify notes payable as Short-Term Long-Term
Obligations Obligations

• A) $2,000,000 $0
• B) $400,000 $1,600,000
• C) $80,000 $1,920,000
• D) $0 $2,000,000

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Definitions:

Short-Term Stock Investments

Investments in stock intended to be held for a short duration, typically less than one year, for earning a quick profit.

Fair Value

The estimated market value of an asset or liability, based on current prices in an active market.

Stock Market

A public market for buying and selling equity securities and derivatives of companies, facilitating capital exchange between investors.

Trading Securities

Financial instruments that are bought and sold for the purpose of generating profit from short-term price movements.