Coulson Company is in the process of refinancing some long term debt Its fiscal year ends on December 31, 2018, and its financial statements will be issued on March 15, 2019 Under current U S GAAP, how would the debt be classified if the refinancing is completed on December 15, 2016 What if instead...

Under US GAAP the debt would be cla ...

Coulson Company is in the process of refinancing some long-term debt. Its fiscal year ends on December

Question:

Coulson Company is in the process of refinancing some long-term debt. Its fiscal year ends on December 31, 2018, and its will be issued on March 15, 2019. Under current U.S. GAAP, how would the debt be classified if the refinancing is completed on December 15, 2016? What if instead it is completed on January 15, 2019?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...