LONG-TERM LIABILITIES & BONDS PAYABLE Refer to the financial statements and notes to the financial statements. The
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/666bd9ee6708b_174666bd9ee4b949.jpg)
LONG-TERM LIABILITIES & BONDS PAYABLE
Refer to the financial statements and notes to the financial statements. The first note, "Summary of Significant Accounting Policies," should provide information about the company's accounting methods. You will also need to refer to the other notes to the financial statements and to the financial statements themselves in order to answer the following questions.
What is the amount of the company's long-term liabilities?
This year $ ___________________Last year $ _____________________
Refer to the financial statements. Are there any contingent liabilities? If yes, provide a description of at least one contingency discussed.
Refer to the financing activities section of the company's cash flow statement.
a. What was the amount of new borrowings during the current and last year?
Current year $____________Last year$_________________
b. What was the amount of debt repaid during the current and last year?
Current year $_____________Last year$_________________
c. Did these activities result in a net increase or decrease in the company's cash
Balance?
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/666bd9eeaec14_174666bd9ee9c5ab.jpg)