Answered

Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

on december 1, 2021, your company borrowed $15,000, a portion of which is to be repaid each year on november 30. specifically, your company will make the following principal payments: 2022, $2,000; 2023, $3,000; 2024, $4,000; and 2025, $6,000. show how this loan will be reported in the december 31, 2022 and 2021, balance sheets, assuming principal payments will be made when required.

Sagot :

anthougo

The following is how this loan will be reported in Your Company's Balance Sheets:

Your Company

Balance Sheets

As of December 31

                                    2022        2021

Current Liabilities:

Loan Payable           $3,000    $2,000

Long-term Liabilities:

Loan Payable          $10,000   $13,000

Data and Calculations:

Dec. 1, 2021, Loan = $15,000

Repayment of Loan:

Date            Repayment  Dec. 31 Balance

Dec. 2021                $0         $15,000

Nov. 2022,      $2,000         $13,000

Nov. 2023,      $3,000         $10,000

Nov. 2024,      $4,000          $6,000

Nov. 2025,      $6,000                 $0

Thus, the loan payable in 2022 and 2023 will be shown under current liabilities in 2021 and 2022, respectively.  The remaining portion will appear under long-term liabilities.

Learn more: https://brainly.com/question/15188565

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.