"Financial Report":Loan contract
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Questions 1:
A company that provides cruise ship vacations uses term loans to finance the acquisition of new cruise ships. Which of the following is most likely a negative covenant for the loans? The company must:
A 、ensure the ships are insured.
B、 seek lender approval to pay dividends.
C、 maintain a minimum level of working capital.
Questions 2:
A company issued bonds in 2012 that mature in 2022. The measurement basis that will most likely be used on the 2012 balance sheet for the bonds is:
A、 amortized cost.
B 、market value.
C 、historical cost.
B is correct. Negative covenants require that a borrower not take certain actions. The requirement to seek the lender’s approval before paying dividends is an example of a negative covenant. The other two are affirmative covenants.
A is incorrect. This is an affirmative covenant. The bank would want to ensure that the ships, or collateral for the loan, are adequately insured.
C is incorrect. This is an affirmative covenant. Maintaining a minimum level of working capital is often a covenant to ensure the company has adequate levels of liquidity to make the interest payments.
A is correct. Bonds payable issued by a company are financial liabilities that are usually measured at amortized cost.
B is incorrect. Only financial liabilities held for trading are measure at market value, and that does not include bonds issued by the company.
C is incorrect. Historical cost would record the bonds at the value at date of issue and not amortize the bond premium or discount over the life of the bond.
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