Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement: Long-term

Current Portion of Long-Term Debt

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 Notes payable $816,900 $449,300
Less current portion (236,900) (220,600)
Long-term debt $580,000 $228,700

a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? $

b. How much did the total current liabilities change the preceding year and the current year as a result of the current portion of long-term debt? $ Increase

c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total notes payable on December 31 of the upcoming year? $

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

Unclaimed Property A Reporting Process And Audit Survival Guide

Authors: Tracey L. Reid

1st Edition

0470278242, 978-0470278246

More Books

Students also viewed these Accounting questions