Business, 26.02.2020 00:33 djs1002

Irkalla Co. has the following liabilities at December 31, 2014:

Accounts payable-trade

$200,000

Short-term borrowings

100,000

Bank loan, current portion $100,000

2,000,000

Other bank loan, matures June 30, 20X5

1,000,000

The bank loan of $2,000,000 requires Irkalla to maintain certain financial ratios but Irkalla has not been able to do so and is in violation of the loan agreement. The creditor has not waived its rights in regard to the loan. What amount should Irkalla report as current liabilities at December 31, 2014?

a. $1,400,000

b. $3,100,000

c. $3,300,000

d. $1,200,000

Answers: 2

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Irkalla Co. has the following liabilities at December 31, 2014:

Accounts payable-trade...

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