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:
| Current Year | Preceding Year | |||
| Total Notes payable | $460,700 | $253,400 | ||
| Less current portion | (133,600) | (124,400) | ||
| Long-term debt | $327,100 | $129,000 |
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
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
