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 December 31 Current Year Preceding Year Total long term-debt $784,700 $431,600 Current portion (227,600) (211,900) Long-term debt $557,100 $219,700 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? million 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? million Increase 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? million
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 December 31 Current Year Preceding Year Total long term-debt $784,700 $431,600 Current portion (227,600) (211,900) Long-term debt $557,100 $219,700 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? million 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? million Increase 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? million
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 7MCQ
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![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 December 31
Current Year Preceding Year
Total long term-debt
$784,700
$431,600
Current portion
(227,600)
(211,900)
Long-term debt
$557,100
$219,700
a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet?
million
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?
million Increase
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?
million](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe324a771-b5ff-4a92-809e-305e46cf9d9d%2Ff9bb9018-2a47-4182-8790-bd1f1f3c63fc%2Fje0ehh_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 December 31
Current Year Preceding Year
Total long term-debt
$784,700
$431,600
Current portion
(227,600)
(211,900)
Long-term debt
$557,100
$219,700
a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet?
million
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?
million Increase
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?
million
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