At the end of its first quarter in the 2011 fiscal year, Commercial Solutions Inc. had an
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At the end of its first quarter in the 2011 fiscal year, Commercial Solutions Inc. had an undrawn line of credit facility that allowed the company to borrow up to $16 million and pay it down whenever it wants to. How should this line of credit be reported on the statement of financial position?
Line of CreditA line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is...
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The line of credit facility of 16 million does not represent a liability until Comm...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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