Suppose Detweiler Technologies borrowed $2,000,000 on December 31, 2010, by issuing 4-percent long-term debt that must be

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Suppose Detweiler Technologies borrowed $2,000,000 on December 31, 2010, by issuing 4-percent long-term debt that must be paid in four equal annual installments plus interest each January 2, commencing in 2011.
Required
Insert the appropriate amounts in the following excerpts from the company's partial balance sheet to show how Detweiler Technologies should report its current and long-term liabilities for this debt.
December 31, 2012 2013 2011 2014 Current liabilities: Current portion of long-term debt. Interest payable. Long-term lia
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Accounting Volume 1

ISBN: 978-0132690096

9th Canadian edition

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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