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: Long-term debt is comprised of the following: December 31 Current Preceding Year Year Total long term-debt $724,300 $398,400 Less current portion (210,000) (195,600) Long-term debt $514,300 $202,800 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? $4 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? $4 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 upcomin year? $

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: Long-term debt is comprised of the following: December 31 Current Preceding Year Year Total long term-debt $724,300 $398,400 Less current portion (210,000) (195,600) Long-term debt $514,300 $202,800 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? $4 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? $4 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 upcomin year? $

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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