Pronghorn Company Partial Balance Sheet December 31, 2017 Open Show Work SHOW LI
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Pronghorn Company
Partial Balance Sheet
December 31, 2017
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On December 31, 2017, Pronghorn Company had $1,206,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 23,700 shares of its common stock for $33 per share, receiving $782,100 proceeds after brokerage fees and other costs of issuance. On February 2, 2018, the proceeds from the stock sale, supplemented by an additional $423,900 cash, are used to liquidate the $1,206,000 debt. The December 31, 2017, balance sheet is issued on February 23, 2018.Show how the $1,206,000 of short-term debt should be presented on the December 31, 2017, balance sheet. (Enter account name only and do not provide descriptive information.)
Pronghorn Company
Partial Balance Sheet
December 31, 2017
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
: $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
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Explanation / Answer
Pronghorn Company Partial Balance Sheet December 31, 2017 Current liabilities: Notes payable (Explanation 1) $423,900 Long-term debt: Notes payable refinanced in February 2015 (Explanation 1) $782,100 (Explanation 1) Short-term debt refinanced. As of December 31, 2017, the company had notes payable totaling $1,206,000 due on February 2, 2018. These notes were refinanced on their due date to the extent of $782,100 received from the issuance of common stock on January 21, 2018. The balance of $423,900 was liquidated using current assets
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