Ask Question
9 November, 11:33

On April 1, 2021, the Electronic Superstore borrows $21 million of which $6 million is due in 2022. Show how the company would report the $21 million debt on its December 31, 2021 balance sheet. (Enter your answers in dollars not in millions. For example, $7,000,000 rather than $7 million.)

+3
Answers (1)
  1. 9 November, 11:46
    0
    Answer and Explanation:

    The Preparation of balance sheet is shown below:-

    Current liabilities

    Current portion of long term Borrowings $6,000,000

    Long term Liabilities

    Long term borrowings Borrowings $15,000,000

    ($21,000,000 - $6,000,000)

    Total liabilities $21,000,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On April 1, 2021, the Electronic Superstore borrows $21 million of which $6 million is due in 2022. Show how the company would report the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers