Brief Exercise 13-9 (Part Level Submission) At December 31, 2017, Bridgeport Cor

Question

Brief Exercise 13-9 (Part Level Submission) At December 31, 2017, Bridgeport Corporation owes $539,800 on a note payable due February 15, 2018 If Bridgeport refinances the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much of the $539,800 should be reported as a current liability at December 31, 2017? (Do not leave any answer field blank. Enter 0 for amounts.) The amount to be reported as a current liability at December 31, 2017

Explanation / Answer

The amount to be reported as a current liability at Dec 31, 2017 is $0.

Since, $539,800 of note payable due Feb 15 is paid off by replacing long-term note, there is no current liability.

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