Ask Question
15 December, 20:52

On September 1, 2021, Southwest Airlines borrows $39.3 million, of which $6.6 million is due next year. Show how Southwest Airlines would record the $39.3 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.)

+2
Answers (1)
  1. 15 December, 21:21
    0
    Balance sheet

    Current liability:

    Current portion of long term debt = $6,600,000

    Long term liability:

    Notes payable = ($39,300,000 - $6,600,000)

    = $32,700,000

    Therefore,

    Total liabilities = Current liabilities + Long term liabilities

    = $6,600,000 + $32,700,000

    = $39,300,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On September 1, 2021, Southwest Airlines borrows $39.3 million, of which $6.6 million is due next year. Show how Southwest Airlines would ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers