d.The balance in a company's Long-Term Loan Payable account on December 31, 2020, is $350,000. The...
d.The balance in a company's Long-Term Loan Payable account on December 31, 2020, is $350,000. The long-term loan amortizes over seven years with equal principal repayments of $50,000, the first of which is due on October 31, 2021. An interest amount of $1,200 will also be due on October 31, 2021. What amounts should be reported under current liabilities on the company's December 31, 2020, statement of financial position?
Homework Answers
Current liabilities are the liabilities which are due to be paid within one accounting year. On December 31, 2020 statement of financial position, principal amount of long term loan for $50000 and interest of $1200 will be shown as current liabilities because these are due to be paid within next one year (i.e. on October 31, 2021).
Total current liabilities = $50000 +$1200 = $51200
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d.The balance in a company's Long-Term Loan Payable account on
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