FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 11, Problem 2QS
To determine
Concept Introduction: Current portion of long-term debt is the portion of long-term debt due in the current year. It is reported as current liabilities in the
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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 December 31
Current Year Preceding Year
$669,200
(194,100)
$475,100
$368,100
(180,700)
$187,400
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
Preparing a Debt Disclosure
As of December 31 of Year 1, Dole Company's long-term debt consisted of the following:
• $114,300-Unsecured note payable to bank due Year 2.
• $405,000 -Unsecured note payable to bank due Year 4.
• $540,000 --Unsecured note payable to bank due Year 6.
• $81,000-Secured mortgage payable to bank due in equal installments in Year 2 through Year 6.
.
• $144,000-Secured note payable to bank due in Year 7.
Prepare the required financial statement disclosure at December 31 of Year 1, indicating the amounts due in each of the next five years and thereafter.
Note Payable
Year 3
Year 4
Year 5
Year 6
Year 2
114,300 $
0 ✓
0✔
40,500 *
0 ✓
154,800 $
Total
$114,300 $
405,000
540,000
81,000
144,000
$
0✔ $
0✔
0✔
0 x
0✔
0 $
0✔ $
405,000 ✓
0 ✓
0 x
0 ✓
405,000 $
0✔ $
0✔
0 ✓
0 x
0 ✓
0 $
0✔ $
0✔
540,000 ✓
40,500 x
0 ✓
580,500 $
Thereafter
0✓
0✔
0 ✓
0 ✓
144,000 ✓
144,000
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
Chapter 11 Solutions
FUND.ACCT.PRIN.
Ch. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - QS 11-3
Unearned revenue
C2
Ticketsales, Inc.,...Ch. 11 - Interest-bearing note transactions P1 On November...Ch. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QS
Ch. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Prob. 16QSCh. 11 - Prob. 17QSCh. 11 - Prob. 18QSCh. 11 - Prob. 19QSCh. 11 - Prob. 20QSCh. 11 - Exercise 11-1
Classifying liabilities
C1
The...Ch. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Exercise 11-3 Accounting for note payable...Ch. 11 - Exercise 11-4 Interest-bearing notes payable with...Ch. 11 - Exercise 11-5 Computing payroll taxes P2 P3
BMX...Ch. 11 - Exercise 11-7 Payroll-related journal entries...Ch. 11 - Exercise 11-6 Payroll-related journal entries...Ch. 11 - Exercise 11-9 Computing payroll taxes P2 P3 Mest...Ch. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 19ECh. 11 - Prob. 20ECh. 11 - Prob. 21ECh. 11 - Prob. 22ECh. 11 - Problem 11-1A Short-term notes payable...Ch. 11 - Problem 11-2A Entries for payroll transactions P2...Ch. 11 - Problem 11-3A Payroll expenses, withholdings, and...Ch. 11 - Prob. 4PSACh. 11 - Prob. 5PSACh. 11 - Prob. 6PSACh. 11 - Problem 11-1B Short-term notes payable...Ch. 11 - Problem 11-2B Entries for payroll transactions P2...Ch. 11 - Problem 11-3B Payroll expenses, withholdings, and...Ch. 11 - Prob. 4PSBCh. 11 - Prob. 5PSBCh. 11 - Prob. 6PSBCh. 11 - Review the February 26 and March 25 transactions...Ch. 11 - Bug-Off Exterminators provides pest control...Ch. 11 - Prob. 1GLPCh. 11 - Prob. 1AACh. 11 - Key figures for Apple and Google follow. Apple...Ch. 11 - Prob. 3AACh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - BTN 11-3 Cameron Bly is a sales manager for an...Ch. 11 - Prob. 2BTNCh. 11 - Prob. 3BTNCh. 11 - Prob. 4BTNCh. 11 - Prob. 5BTN
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