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

Q: Define revenue bonds

A: Answer: A revenue bond is also regarded as a municipal bond that is sponsored by specific individual…

Q: portion of long-term debt should elect one: a. be reclassified as a current liability. b. be…

A: The liabilities can be classified as current or long term liabilities.

Q: How to Use Compound Interest Factors for Annuities

A: Compound interest factor for annuities is used to compute the present and future value of annuities,…

Q: What is an example of Long Term debt? Why?

A: We have to explain ling term debt by an example.

Q: The payment for the use of borrowed money is called: loan maturity value interest principal

A: Borrowed money is the loan taken, which is to be repaid within the terms of the loan contract.

Q: Define Long-Term Notes.

A: Liability: It is the sum of money owed by the company to external entities.

Q: What is the rela1ionship between Annual  Percentage Rate and the interest period?

A: Answer: Annual percentage rate represents the interest rate which also takes additional payments…

Q: Difference between current and long term liabilities?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Define CDO, collateralized debt obligation

A: The question is based on the structure and definition of Collateralized debt obligation (CDO), the…

Q: When interest is calculated on the principal amount borrowed is known as what A. Annuity B. Simple…

A: The interest is paid by the borrower to the lender in exchange for money provided to the borrower.…

Q: istinguish between current and long-term liabilities

A: Current Liabilities: Current liabilities also known as short term liabilities. The liabilities which…

Q: Describe the obligations of long term liabilities.

A: Long-term liabilities: Long-term liabilities are obligations that the company needs to pay after at…

Q: ________ are long-term debt instrument that promise a fixed income in the form of interest.

A: Debt instrument is a way of financing which can guarantee a fixed income, hence a less risky…

Q: What does the Times Interest Earn ratio state? Provide an example

A: Times interest earned ratio tells about the ability of the company to pay it's obligations which is…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.