Question
Connie's Bistro, Inc. , reported the following information about its long-term debt in the notes to a recent financial statement: Long-term debt is comprised of
Connie's Bistro, Inc., reported the following information about its long-term debt in the notes to a recent financial statement:
Long-term debt is comprised of the following:
December 31 | ||||
Current Year | Preceding Year | |||
Total long term-debt | $402,400 | $221,300 | ||
Less current portion | (116,700) | (108,600) | ||
Long-term debt | $285,700 | $112,700 |
a. How much of the long-term debt was disclosed as a current liability on the current years December 31 balance sheet? $fill in the blank 1
b. How much did the total current liabilities change between the preceding year and the current year as a result of the current portion of long-term debt? $fill in the blank 2
IncreaseDecrease
c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year? $fill in the blank 4
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