FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
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Question
Chapter 9, 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
The liabilities section of the year-end balance sheet, that reports the current portion of long-term debt.
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Students have asked these similar questions
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
On the first day of the current fiscal year, $200,000 of 10-year, 7% bonds, with interest payable annually, were sold for $212,500. What account would be listed in the
description column (2) as the credit for the $200,000 in the journal entry to record this transaction?
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
Chapter 9 Solutions
FINANCIAL+MANAG.ACCT.
Ch. 9 - Prob. 1QSCh. 9 - Prob. 2QSCh. 9 - Prob. 3QSCh. 9 - Prob. 4QSCh. 9 - Prob. 5QSCh. 9 - Prob. 6QSCh. 9 - Prob. 7QSCh. 9 - Prob. 8QSCh. 9 - Prob. 9QSCh. 9 - Prob. 10QS
Ch. 9 - Prob. 11QSCh. 9 - Prob. 12QSCh. 9 - Prob. 13QSCh. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 16QSCh. 9 - Prob. 17QSCh. 9 - Prob. 18QSCh. 9 - Prob. 19QSCh. 9 - Prob. 20QSCh. 9 - Prob. 1ECh. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Exercise 9-5 Computing payroll taxes P2 P3 BMX...Ch. 9 - Prob. 8ECh. 9 - Prob. 9ECh. 9 - Prob. 10ECh. 9 - Prob. 11ECh. 9 - Prob. 12ECh. 9 - Prob. 13ECh. 9 - Prob. 14ECh. 9 - Prob. 15ECh. 9 - Prob. 16ECh. 9 - Prob. 17ECh. 9 - Prob. 18ECh. 9 - Prob. 19ECh. 9 - Prob. 20ECh. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Prob. 1PSACh. 9 - Prob. 2PSACh. 9 - Prob. 3PSACh. 9 - Prob. 4PSACh. 9 - Prob. 5PSACh. 9 - Prob. 6PSACh. 9 - Prob. 1PSBCh. 9 - Prob. 2PSBCh. 9 - Prob. 3PSBCh. 9 - Prob. 4PSBCh. 9 - Prob. 5PSBCh. 9 - Prob. 6PSBCh. 9 - Prob. 9SPCh. 9 - Prob. 9CPCh. 9 - Prob. 1.1AACh. 9 - Prob. 1.2AACh. 9 - Prob. 2.1AACh. 9 - Prob. 2.2AACh. 9 - Prob. 2.3AACh. 9 - Prob. 3.1AACh. 9 - Prob. 3.2AACh. 9 - Prob. 3.3AACh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - 3. What are the three important questions...Ch. 9 - 5. What is the combined amount (in percent) of the...Ch. 9 - 6. What is the current Medicare tax rate? This...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - 12. ᴬWhat is a wage bracket withholding table?
Ch. 9 - Prob. 12DQCh. 9 - Prob. 1BTNCh. 9 - Prob. 2BTNCh. 9 - Prob. 4BTNCh. 9 - Prob. 5BTN
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