Current Portion of Long-Term Debt Connie\'s Bistro, Inc. reported the following

Question

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:

Long-term debt is comprised of the following:

a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet?
$

b. How much did the total current liabilities change the preceding year and the current year as a result of the current portion of long-term debt?
$

c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total notes payable on December 31 of the upcoming year?
$

December 31 Current Year Preceding Year Total Notes payable $788,200 $433,500 Less current portion (228,600) (212,800) Long-term debt $559,600 $220,700

Explanation / Answer

31-Dec Current Year Preceding Year Total Notes payable $788,200 $433,500 Less current portion -228,600 -212,800 Long-term debt $559,600 $220,700 a 228,600 b 15,800 c 220700

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