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27 November, 12:53

On September 1, 2021, Southwest Airlines borrows $39.1 million, of which $6.2 million is due next year. Show how Southwest Airlines would record the $39.1 million debt on its December 31, 2021, balance sheet. (Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)

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  1. 27 November, 14:17
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    The preparation is shown below:

    Explanation:

    The preparation is shown below:

    Balance sheet

    Current liability

    current portion of long term debt $6,200,000

    Long term liability

    notes payable $32,900,000

    Total liabilities $39,100,000

    We simply classify the liabilities into two types i. e current liabilities and the long term liabilities
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