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 (in millions): Long-term debt consists of the following: December 31 Current Preceding Year Year Total long-term debt $667,600 $367,200 Less current portion (193,600) (180,300) Long-term debt $474,000 $186,900 a. How much of the long-term debt was Hisclosed as a current liability on the current year's December 31 balance sheet?

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 (in millions): Long-term debt consists of the following: December 31 Current Preceding Year Year Total long-term debt $667,600 $367,200 Less current portion (193,600) (180,300) Long-term debt $474,000 $186,900 a. How much of the long-term debt was Hisclosed as a current liability on the current year's December 31 balance sheet?

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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Required information Skip to question [The following information applies to the questions displayed below.] Dunphy Company issued $50,000 of 7.0%, 10-year bonds at par value on January 1. Interest is paid semiannually each June 30 and December 31. Analyze transactions by showing their effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction.
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Subject : Accounting On January 1, Boston Company completed the following transactions (use a 7% annual interest rate for all transactions): (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Borrowed $117,200 for nine years. Will pay $7,100 interest at the end of each year and repay the $117,200 at the end of the 9th year. Established a plant remodeling fund of $491,650 to be available at the end of Year 10. A single sum that will grow to $491,650 will be deposited on January 1 of this year. Agreed to pay a severance package to a discharged employee. The company will pay $76,100 at the end of the first year, $113,600 at the end of the second year, and $151,100 at the end of the third year. Purchased a $175,500 machine on January 1 of this year for $35,100 cash. A five-year note is signed for the balance. The note will be paid in five equal year-end payments starting on December 31 of this year. Required: 1. In transaction (a),…
The Cidros reported the following information on long-term debt: Current year Previous year Total long-term debts $14,578 millions $18,564 millions Minus the current portion (1,290) millions (1,540) millions Long-term debts 13,288 millions 17,024 millions Determine how much total current liabilities changed between the previous year and the current year as a result of the long-term debt portion. Explain your answer.Indicates the balance of the debt the following year if The Cidros does not acquire another long-term debt in the next few years.
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Account balances and information relating to bonds payable during the year: B/P Premium on B/P Beginning of year $80,000 12,000 End of year $60,000 9,000 Bonds with a par value of $20,000 were issued at 110 for land. Bonds with a par value of $40,000 were retired. The amount paid was $50,000, and a loss of $6,000 was sustained. Required: Prepare all the journal entries related to the B/P transactions. That is, prepare JEs for the issue for land, interest expense (if any), and retirement.
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Entries for issuing and calling bonds; loss Hoover Company, a wholesaler of music equipment, issued $6,510,000 of 25-year, 12% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. 20Y2 March 1 September 1 20Y4 September 1 If an amount box does not require an entry, leave it blank. Issued the bonds for cash at their face amount. Paid the interest on the bonds. Journalize the entries to record the above selected transactions. 20Y2 Mar. 1 Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. 20Y2 Sept. 1 Paid the interest on the bonds. 20Y4 Sept. 1 Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.)
PepsiCo, Inc., reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Dec. 31 Current Year Total long-term debt $32,248 Less current portion (3,953) Long-term debt $28,295 Preceding Year Total long-term debt $37,816 Less current portion (4,020) Long-term debt $33,796 Q: If PepsiCo did not issue additional long-term debt next year, what would be the total long-term debt on Dec. 31 of the upcoming year?
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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 (in millions): Long-term debt consists of the following: Total long term-debt Current portion December 31 Current Year C. $685,100 (198,700) $486,400 million December 31 Prior Year Long-term debt a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? $ $376,800 (185,000) $191,800 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? million 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 upcoming year? million