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4 May, 21:16

On September 1, 2021, Southwest Airlines borrows $39.5 million, of which $7.0 million is due next year. Show how Southwest Airlines would record the $39.5 million debt on its December 31, 2021, balance sheet.

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  1. 4 May, 21:31
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    The recording of the $39.5 million debt in balance is presented below:

    Balance sheet

    Current liability

    Current portion of long term debt $7,000,000

    Long term liability

    Notes payable $32,500,000

    Total liabilities $39,500,000
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