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Newman Engineering Liabilities Assignment | Top Universities

On December 31, 2018, Newman Engineering's liabilities include the following: 1. $30 million of 6% bonds were issued for $30 million on May 31, 1999. The bonds mature on May 31, 2029, but bondholders have the option of calling (demanding payment on) the bonds on exercised, given prevailing market conditions. 2. $34 million of 5% notes are due on May 31, 2022. A debt covenant requires Newman to maintain current assets at least equal to 195% of its current liabilities.

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On December 31, 2018, Newman is in violation of this covenant. Newman obtained a waiver from National City Bank until June 2019, having convinced the bank that the company's normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the first half of 2019 3. $27 million of 8 % bonds were issued for $27 million on August 1, 1989. The bonds mature on expected to be available to retire the bonds at maturity. May 31, 2019. However, the option to call is not expected to be July 31, 2019. Sufficient cash is Required: Classify the above-mentioned debts as current liabilities or noncurrent liabilities. Also, provide corresponding value for the same. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) The answer is not complete. Debt Classification Million(s) Current liability Noncurrent 2 liability Current liability 3. Get Accounting homework help today

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