Maturities of long-term debt due within one year of the balance sheet date are reported separately...
Maturities of long-term debt due within one year of the balance sheet date are reported separately from long-term debt. TRUE / FALSE ?
Homework Answers
Ans: True
Explanation:
1) The current portion of long term liability is that portion of liability which is due within one year.
2) This portion needs to be paid on time and with most liquid assets.
3) It is reported as,
| Current portion of long term Debt | Current Liability |
| Long term debt | Non current liability |
4) Therfore, on balance sheet
Current portion of long term liability is reported separately from that long term liability.
5) Hence, above statement is true.
Add Answer to:
Maturities of long-term debt due within one year of the balance sheet date are reported separately...
Current maturities of long-term debt
Current maturities of long-term debt A can be properly classified during balance sheet preparation, with no adjusting entry required B. are not considered to be current liabilities. C. are optionally reported on the balance sheet. D. require an adjusting entry Moving to another question will save this response
In most cases, current liabilities are payable within long-term liabilities are payable more than sheet date....
In most cases, current liabilities are payable within long-term liabilities are payable more than sheet date. year(s), and year(s) from the balance Multiple Choice o one, two one; one two, two O one, ten one; ten
Which of the following is not a long-term liability? Current maturities of long-term debt Long-term notes...
Which of the following is not a long-term liability? Current maturities of long-term debt Long-term notes payable Bonds payable
Knowledge Check 01 Obligations that are due within one year are: O reported as a current...
Knowledge Check 01 Obligations that are due within one year are: O reported as a current liability. O reported as a long-term liability. O reported as both a current and a long-term liability. O recorded only if it must be paid within the current year.
Suppose a hotel has $30,000 of long-term debt at year end. Of this amount, $5,000 must...
Suppose a hotel has $30,000 of long-term debt at year end. Of this amount, $5,000 must be repaid within the next year. Which of the following statements is true? Select one: O a. The classified balance sheet would show $30,000 of long-term debt under the heading "long-term liabilities." O b. The classified balance sheet would show $25,000 of long-term debt under the heading "Long-term liabilities." O c. The classified balance sheet would show $30,000 of long-term debt under the heading...
Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt...
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 (in millions): Long-term debt consists of the following: December 31 Current Year Preceding Year Total long-term debt $463,100 $254,700 (134,300) (125,000) Less current portion Long-term debt $328,800 $129,700 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...
Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt...
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 (in millions): WN Long-term debt is composed of the following: December 31 Current Year Preceding Year Total Notes payable $742,000 (215,200) $408,100 (200,300) Less current portion Long-term debt $526,800 $207,800 a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? co. O b. How much...
Suppose a hotel has $40,000 of long-term debt at year end. Of this amount, $10,000 must...
Suppose a hotel has $40,000 of long-term debt at year end. Of this amount, $10,000 must be repaid within the next year. Which of the following statements is true? Select one: O a. The classified balance sheet would show $30,000 of long-term debt under the heading "Long-term liabilities." o b. THE classified balance sheet would show $30,000 of long-term debt under the heading "Current liabilities." O c. The classified balance sheet would show $40,000 of long-term debt under the heading...
In preparing a statement of cash flows, the issuance of debt should be reported separately from...
In preparing a statement of cash flows, the issuance of debt should be reported separately from the retirement of debt. TRUE FALSE
At the beginning of the year, Shinedown, Corp., had a long-term debt balance of $47,380. During...
At the beginning of the year, Shinedown, Corp., had a long-term debt balance of $47,380. During the year, the company repaid a long-term loan in the amount of $13,505. The company paid $5,270 in interest during the year, and opened a new long-term loan for $11,870. How much is the ending long-term debt account on the company's balance sheet?
In most cases, current liabilities are payable within long-term liabilities are payable more than sheet date. year(s), and year(s) from the balance Multiple Choice o one, two one; one two, two O one, ten one; ten
Knowledge Check 01 Obligations that are due within one year are: O reported as a current liability. O reported as a long-term liability. O reported as both a current and a long-term liability. O recorded only if it must be paid within the current year.
Suppose a hotel has $30,000 of long-term debt at year end. Of this amount, $5,000 must be repaid within the next year. Which of the following statements is true? Select one: O a. The classified balance sheet would show $30,000 of long-term debt under the heading "long-term liabilities." O b. The classified balance sheet would show $25,000 of long-term debt under the heading "Long-term liabilities." O c. The classified balance sheet would show $30,000 of long-term debt under the heading...
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 (in millions): Long-term debt consists of the following: December 31 Current Year Preceding Year Total long-term debt $463,100 $254,700 (134,300) (125,000) Less current portion Long-term debt $328,800 $129,700 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...
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 (in millions): WN Long-term debt is composed of the following: December 31 Current Year Preceding Year Total Notes payable $742,000 (215,200) $408,100 (200,300) Less current portion Long-term debt $526,800 $207,800 a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? co. O b. How much...
Suppose a hotel has $40,000 of long-term debt at year end. Of this amount, $10,000 must be repaid within the next year. Which of the following statements is true? Select one: O a. The classified balance sheet would show $30,000 of long-term debt under the heading "Long-term liabilities." o b. THE classified balance sheet would show $30,000 of long-term debt under the heading "Current liabilities." O c. The classified balance sheet would show $40,000 of long-term debt under the heading...
Most questions answered within 3 hours.
-
Which for loop is implemented correctly in Java?
Group of answer choices
for (i = 0...
asked 25 minutes ago -
Required information
[The following information applies to the questions
displayed below.]
In 2019, Alliant Corporation acquired...
asked 43 minutes ago -
How much must I invest today if I want to withdraw 1/3 of my
original investment...
asked 2 hours ago -
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 4 hours ago -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 4 hours ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 4 hours ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 4 hours ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 4 hours ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 4 hours ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 5 hours ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 5 hours ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 5 hours ago