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: December 31 Current Year Preceding Year Total Notes payable $574,300 $315,900 Less current portion (166,500) (155,100) Long-term debt $407,800 $160,800 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? $

Explanation / Answer

a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? $ 166,500

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? $ 155,100 & $166,500

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? $ 407,800

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