Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS

Accounts payable ??? ???
Accounts receivable 320,715 397,400
Accruals 40,500 33,750
Additional paid in capital 500,000 541,650
Cash 17,500 47,500
Common Stock 94,000 105,000
COGS 328,500 431,492.00
Current portion long-term debt 33,750 35,000
Depreciation expense 54,000 55,064.00
Interest expense 40,500 42,389.00
Inventories 279,000 288,000
Long-term debt 336,195.00 398,256.00
Net fixed assets 946,535 999,000
Notes payable 148,500 162,000
Operating expenses (excl. depr.) 126,000 162,943.00
Retained earnings 306,000 342,000
Sales 639,000 852,630.00
Taxes 24,750 48,749.00

What is the current year's entry for long-term debt on a common-sized balance sheet?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principles And Practice

Authors: Kumar And Sharma

3rd Edition

8120350987, 9788120350984

More Books

Students also viewed these Accounting questions

Question

Use a three-step process to develop effective business messages.

Answered: 1 week ago