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Current portion of long-term debt PepsiCo, Inc., reported the following information about its long-term debt in the notes to a recent financial statement (in millions): 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 PepsiCo did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year?

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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Section
BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 11, Problem 8E
Textbook Problem
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Current portion of long-term debt

PepsiCo, Inc., reported the following information about its long-term debt in the notes to a recent financial statement (in millions):

Chapter 11, Problem 8E, Current portion of long-term debt PepsiCo, Inc., reported the following information about its

  1. a. How much of the long-term debt was disclosed as a current liability on the current year’s December 31 balance sheet?
  2. 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?
  3. c. If PepsiCo did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year?

a.

To determine

Identify the amount of long-term debt that was disclosed as a current liability on the current year’s December 31 balance sheet.

Explanation of Solution

Long-term debt: Long-term debt refers to the obligation of the company to be paid after one year or one operating cycle whichever is longer. Generally, the long-term debt is reported under the long-term liabilities section of the balance sheet.

Current portion of long-term debt: The amount of deb...

b.

To determine

Calculate the amount of change in total current liabilities between the preceding year and the current year as a result of the current portion of long-term debt.

c.

To determine

Identify the amount of total long-term debt on December 31 of the upcoming year.

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Chapter 11 Solutions

Financial Accounting
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