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 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 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?
$

December 31 Current Year Preceding Year Total long term-debt $455,900 $250,700 Less current portion (132,200) (123,100) Long-term debt $323,700 $127,600

Explanation / Answer

a) Long term debt disclosed as a current liability on the current year's december 31 balance sheet = 132200

b) Total current liabilities change between  the preceding year and the current year as a result of the current portion of long-term debt = (132200-123100) = 9100 Increase

c) Total long term debt upcoming year = 323700-9100 = 314600

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