Shoppi Company had the following amounts of long-term debt outstanding on December 31, 2019: 14% term note, due 2020. 30,000 11% term note, due 2022. 1,070,000 8% note, due in 11 equal annual principal payments. 1,100,000 Plus interest beginning Dec. 31,2020 7% guaranteed debentures, due 2021. 1,000,000 Total. 3,200,000 The annual sinking fund requirement on the guaranteed debentures is 40,000 per year. What total amount should be reported as current liabilities on December 31, 2019?

Shoppi Company had the following amounts of long-term debt outstanding on December 31, 2019: 14% term note, due 2020. 30,000 11% term note, due 2022. 1,070,000 8% note, due in 11 equal annual principal payments. 1,100,000 Plus interest beginning Dec. 31,2020 7% guaranteed debentures, due 2021. 1,000,000 Total. 3,200,000 The annual sinking fund requirement on the guaranteed debentures is 40,000 per year. What total amount should be reported as current liabilities on December 31, 2019?

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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