Able Company had the following amounts of long-term, debt outstanding at December 31, 2021: 14% term note, due 2022 30,000 11% term note, due 2009 1,070,000 8% note, due in 11 equal annual principal payments, plus interest beginning December 31, 2022 1,100,000 7% guaranteed debentures, due 2010 1,000,000 Total 3,200,000 Able’s annual sinking fund requirement on the guaranteed debentures is P40,000 per year. What amount should Able report as current maturities of long-term debt in its December 31, 2021 balance sheet?
Able Company had the following amounts of long-term, debt outstanding at December 31, 2021: 14% term note, due 2022 30,000 11% term note, due 2009 1,070,000 8% note, due in 11 equal annual principal payments, plus interest beginning December 31, 2022 1,100,000 7% guaranteed debentures, due 2010 1,000,000 Total 3,200,000 Able’s annual sinking fund requirement on the guaranteed debentures is P40,000 per year. What amount should Able report as current maturities of long-term debt in its December 31, 2021 balance sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Able Company had the following amounts of long-term, debt outstanding at December 31, 2021:
|
14% term note, due 2022 |
30,000 |
|
11% term note, due 2009 |
1,070,000 |
|
8% note, due in 11 equal annual principal payments, plus interest beginning December 31, 2022 |
1,100,000 |
|
7% guaranteed debentures, due 2010 |
1,000,000 |
|
Total |
3,200,000 |
Able’s annual sinking fund requirement on the guaranteed debentures is P40,000 per year.
What amount should Able report as current maturities of long-term debt in its December 31, 2021
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