Reporting current and noncurrent portions of long-term debt, Accounting Basics

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Reporting current and noncurrent portions of long-term debt

Question: Reporting Current and Noncurrent Portions of Long-Term Debt Assume that on December 1, 2008, your company borrowed $14,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2009, $2,000; 2010, $3,000; 2011, $4,000; and 2012, $5,000. Show how this loan will be reported in the December 31, 2009 and 2008, balance sheets, assuming that principal payments will be made when required.

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Accounting Basics: Reporting current and noncurrent portions of long-term debt

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