Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 11, Problem 7E
a.
To determine
Identify the amount of long-term debt that was disclosed as a current liability on the current year’s December 31
b.
To determine
Calculate the amount of change in total current liabilities between the preceding year and the current year as a result of the current portion of long-term debt.
c.
To determine
Identify the amount of total long-term debt on December 31 of the upcoming year.
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Students have asked these similar questions
PepsiCo, Inc., reported the following information about its long-term debt in the notes to
a recent financial statement (in millions):
Long-term debt is comprised of the following:
December 31
Previous Year
Current Year
Total long term-debt
Less current portion
$33,284
$28,897
(4,071)
(5,076)
$29,213
$23,821
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?
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?
c. If PepsiCo did not issue additional long-term debt next year, what would be the total
long-term debt on December 31 of the upcoming year?
The Cidros reported the following information on long-term debt:
Current year
Previous year
Total long-term debts
$14,578 millions
$18,564 millions
Minus the current portion
(1,290) millions
(1,540) millions
Long-term debts
13,288 millions
17,024 millions
Determine how much total current liabilities changed between the previous year and the current year as a result of the long-term debt portion. Explain your answer.Indicates the balance of the debt the following year if The Cidros does not acquire another long-term debt in the next few years.
PepsiCo, Inc., reported the following information about its long-term debt in the notes to a recent financial statement (in millions):
Long-term debt is comprised of the following:
December 31
Current Year Preceding Year
Total long term-debt $33,284 $28,897
Less current portion (4,071) (5,076)
Long-term debt $29,213 $23,821
a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet?
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?
c. If PepsiCo did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year?
Chapter 11 Solutions
Financial Accounting
Ch. 11 - Does a discounted note payable provide credit...Ch. 11 - Employees are subject to taxes withheld from their...Ch. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - When should the liability associated with a...Ch. 11 - Prob. 10DQ
Ch. 11 - On October 12, Belleville Co. borrowed cash from...Ch. 11 - Proceeds from notes payable On January 26, Nyree...Ch. 11 - Prob. 2PEACh. 11 - Prob. 2PEBCh. 11 - Prob. 3PEACh. 11 - Prob. 3PEBCh. 11 - The payroll register of Konrath Co. indicates...Ch. 11 - Journalize period payroll The payroll register of...Ch. 11 - Prob. 5PEACh. 11 - Prob. 5PEBCh. 11 - Prob. 6PEACh. 11 - Prob. 6PEBCh. 11 - Prob. 7PEACh. 11 - Prob. 7PEBCh. 11 - Quick ratio Nabors Company reported the following...Ch. 11 - Quick ratio Adieu Company reported the following...Ch. 11 - Bon Nebo Co. sold 25,000 annual subscriptions of...Ch. 11 - Entries for notes payable Cosimo Enterprises...Ch. 11 - Evaluating alternative notes A borrower has two...Ch. 11 - Entries for notes payable A business issued a...Ch. 11 - A business issued a 60-day note for 75,000 to a...Ch. 11 - On June 30, Collins Management Company purchased...Ch. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 9ECh. 11 - Summary payroll data In the following summary of...Ch. 11 - Prob. 11ECh. 11 - The payroll register for Proctor Company for the...Ch. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - A business provides its employees with varying...Ch. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 19ECh. 11 - Accrued product warranty General Motors...Ch. 11 - Prob. 21ECh. 11 - Quick ratio Gmeiner Co. had the following current...Ch. 11 - The current assets and current liabilities for...Ch. 11 - The following items were selected from among the...Ch. 11 - The following information about the payroll for...Ch. 11 - Prob. 3PACh. 11 - Prob. 4PACh. 11 - Payroll accounts and year-end entries The...Ch. 11 - Prob. 1PBCh. 11 - Entries for payroll and payroll taxes The...Ch. 11 - Jocame Inc. began business on January 2, 2015....Ch. 11 - Prob. 4PBCh. 11 - Payroll accounts and year-end entries The...Ch. 11 - Prob. 3CPPCh. 11 - Tonya Latirno is a certified public accountant...Ch. 11 - Recognizing pension expense The annual examination...Ch. 11 - Prob. 3CPCh. 11 - Prob. 5CP
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