Jettison Manufacturing has been planning an expansion of its manufacturing facilities. As a result, in year 1, it obtained a $2 million long-term loan from National Bank. According to the debt agreement between the two parties, Jettison Manufacturing is required to maintain a current ratio of 2:1 or greater. At year-end, the controller concluded that the current ratio was only 1:1, and, therefore, Jettison was in violation of the debt agreement, requiring the loan to be paid to National Bank within six months. Since Jettison was unable to obtain any concessions form National, Jettison reclassified the longterm debt to a current liability. However, within three months into the next year, Jettison was able to correct the debt agreement violation and restored the current ratio to 2.2:1 which was acceptable to National and therefore the debt was not required to be repaid early. In preparing year 2’s financial statements the controller is perplexed as to how to classify the debt—short term or long-term? As controller your assistance is necessary to settle the issue. Required:
a. According to the FASB Codification, what is the proper classification of the debt in this case?
b. What key words would you utilize in your search?
c. What are the specific Codification references you utilized in preparing your answer?

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Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

According to this excerpt, a key part of our national security strategy is