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 $685,100 (198,700) $486,400 December 31 Prior Year $376,800 (185,000) $191,800 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? $ million < 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 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? million

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 $685,100 (198,700) $486,400 December 31 Prior Year $376,800 (185,000) $191,800 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? $ million < 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 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? million

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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Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 7% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $152,400 from Triple Creek Bank, issuing a 60-day, 8% note. July 21. Purchased tools by issuing a $99,000, 90-day note to Poulin Co., which discounted the note at the rate of 8%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $152,400. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $96,000, paying…
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