Assume on December 1, 2017, a company borrows funds to purchase equipment. The company will make the following principal payments: 2018, $5,300 2019, $3,200 2020, $2,830 2021, $1,430 On December 31, 2018, the total long term liabilities will be $_____

Assume on December 1, 2017, a company borrows funds to purchase equipment. The company will make the following principal payments: 2018, $5,300 2019, $3,200 2020, $2,830 2021, $1,430 On December 31, 2018, the total long term liabilities will be $_____

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Assume on December 1, 2017, a company borrows funds to purchase equipment. The company will make the following principal payments:

2018, $5,300

2019, $3,200

2020, $2,830

2021, $1,430

On December 31, 2018, the total long term liabilities will be $______

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