Question
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 | $425,000 | $233,800 | ||
Less current portion | (123,200) | (114,800) | ||
Long-term debt | $301,800 | $119,000 |
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? $
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? $
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