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 $611,300 $336,200 Less current portion I(177,300) (165,100) Long-term debt $434,000 $171,100 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? 177,300 v 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? 275,100 x Increase 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 upcoming year? 434,000 V
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 $611,300 $336,200 Less current portion I(177,300) (165,100) Long-term debt $434,000 $171,100 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? 177,300 v 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? 275,100 x Increase 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 upcoming year? 434,000 V
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Current portion of long-term debt
 alt="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
$611,300
$336,200
Less current portion
I(177,300) (165,100)
Long-term debt
$434,000
$171,100
a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet?
177,300 V
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?
275,100 X Increase
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
upcoming year?
434,000
Feedback
Y Check My Work
31%
5:57 AM
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12/17/2021
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4.
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Transcribed Image Text: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
$611,300
$336,200
Less current portion
I(177,300) (165,100)
Long-term debt
$434,000
$171,100
a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet?
177,300 V
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?
275,100 X Increase
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
upcoming year?
434,000
Feedback
Y Check My Work
31%
5:57 AM
-4°F
12/17/2021
F4
F10
F1
%24
&
4.
8.
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