Business, 26.02.2020 03:32 ineedhelp2322

On December 31, 2020, Nash Company has $7,024,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On December 28, 2021, Nash enters into a refinancing agreement with Gotham that will permit it to borrow up to 68% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $6,021,000 in May to a high of $8,014,000 in October during the year 2021. The interest cost of the maturing short-term debt is 15%, and the new agreement calls for a fluctuating interest at 1% above the prime rate on notes due in 2022. Nash’s December 31, 2020, balance sheet is issued on February 15, 2021.
Prepare a partial balance sheet for Nash at December 31, 2020, showing how its $7,024,000 of short-term debt should be presented. (Enter account name only and do not provide descriptive information.)
NASH COMPANY
Partial Balance Sheet
choose the accounting period
December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select a balance sheet section
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item
$enter a dollar amount
select a balance sheet section
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item
enter a dollar amount
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On December 31, 2020, Nash Company has $7,024,000 of short-term debt in the form of notes payable to...

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