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11Alexandr11 [23.1K]
3 years ago
14

On April 1, 2021, the Electronic Superstore borrows $21 million of which $7 million is due in 2022. Show how the company would r

eport the $21 million debt on its December 31, 2021 balance sheet.
Electronic Superstore
Partial Balance Sheet
December 31, 2021
Current liabilities:
Long-term liabilities:
Total liabilities
Business
1 answer:
kari74 [83]3 years ago
7 0

Answer:

                    Electronic Superstore

Partial balance sheet  as at  December 31, 2021

<em>Current Liabilities</em>

Current portion of long term debt         7,000,000

<em>Long term liabilities </em>

Notes payable                                        <u>14,000,000</u>

Total Liabilities                                       <u>21,000,000</u>

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