Answered step by step
Verified Expert Solution
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
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 (in millions): Long-term debt consists of the following: December 31 December 31 Current Year Prior Year Total long term-debt $397,300 $218,500 Current portion Long-term debt (115,200) $282,100 (107,300) $111,200 a. $ How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? 115,000 X million 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? 79,000 X million Increase 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? 2,815,000 X million
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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